Does anyone offer a simple interest mortgage (rather than compounded)From what I've read it seems that the compounded interest is calculated monthly while the simple interest is calculated daily - Thus if you set-up a bi-weekly mortgage payment schedule you can pay the balance down much faster. This will only work if the account holder is allowed to post half-payments every 2 weeks. Example: if $1000 is due on the first of each month and you post a $500 payment on the 14th and 28th (the month before) then: -> you are charged the full daily interest up to the 14th -> from the 14th to the 28th you are charged the interest on amount due remaining (loan balance is lower from 1/2 payment above) -> 28th to the due date you are charged even less interest since the full payment has been posted before the due date -> Repeat each month - you will end up making 1 extra payment a year towards the balance (extra half payment twice a year since there are 26 bi-weekly periods) but the significant advantage (over compounding) is that you are charged less interest for paying down the balance faster. Does this make sense? My current lendor lets us make bi-weekly payments (allowing us to make the extra payment a year to reduce loan balance) but the bi-weekly payments are not applied until the due date of each month. I've read that primerica is the only company to offer this kind of loan but their interest rate is often times much higher and it seems like there are all kind of horror stories. Lenders - anyone offer this type of mortgageBorrowers- Has anyone gotten a simple interest mortgage to work or have you worked with primerica before?Thanks in advance...February 23 2009 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.