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.
