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My Mortgage Payment Frequency

Increase the Frequency of My Payments

$125,000 Loan (25-year amortization at a fictitious rate of 5%1)
Payment Frequency Monthly Accelerated (Every Two Weeks) Optimal (Weekly)
Payments2 $727 $363 $182
Amortization period 25 years 21 years and 6 months 21 years and 6 months
Interest paid3 $93,103 $78,196 $78,015
Interest savings   $14,907 $15,088

 

Pre-payment Options

$125,000 Loan (25-year amortization at a fictitious rate of 5%4 with monthly payments)
  Reference Mortgage Option 1 Option 2
Pre-payment None $1,200/year starting at the end of the first year $100/month starting
from the first payment
Amortization savings5 None 5 years 5 years and 2 months
Interest savings5 None $21,022 $21,897

 

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Legal notice

1. Annual rate calculated on a half-yearly basis. The rate is provided for information purposes only.
2. Payments rounded off to the closest dollar.
3. Assuming the same interest rate for the entire amortization period.
4. Annual rate calculated on a half-yearly basis. The rate is provided for information purposes only.
5. These are rough calculations.

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