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Mortgage Payments

     Mortgage payments can be made weekly, biweekly, or monthly, depending on the terms set out in your mortgage contract. The more frequently you pay, the more interest payments you will save and the less time it will take to pay back your loan. Below is an example of interest and years saved according to your potential repayment schedule.

Based on a $100,000 loan with a 25 yr. Amortization
Frequency Payment Interest Paid Interest Savings Years Saved
Monthly (12) $895.00 $168,500 n/a 25 years
Biweekly (26) $447.50 $118,927 $49,573 6yr. 2 mnt.
Weekly $223.75 $118,111 $50,389 6yr. 2 mnt