Accelerated weekly and
Accelerated weekly and accelerated bi-weekly payment options
are calculated by taking a monthly payment schedule and
assuming there are only four weeks in a month. We calculate
an accelerated bi-weekly payment, for example, by taking
your normal monthly payment and dividing it by two. Since
you would pay 26 bi-weekly payments, by the end of a year
you would have paid the equivalent of one extra monthly
payment. This additional amount accelerates your loan
payoff by going directly against your loan's principal.
The effect can save you thousands of dollars in interest
and take years off of your mortgage.
The accelerated weekly payment is calculated by dividing
your monthly payment by four. You would then make 52 weekly
payments. Just like the accelerated bi-weekly payments,
you are in effect paying an additional monthly payment
The total dollar amount for this mortgage.
The interest rate on this mortgage.
The number of years over which you would repay this loan
if you made your normal monthly payment. The most common
terms for mortgages are 15 years and 30 years.
Information and interactive calculators
are made available to you as self-help tools for your
independent use and are not intended to provide investment
advice. We can not and do not guarantee their applicability
or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative
purposes. We encourage you to seek personalized advice
from qualified professionals regarding all personal finance