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Example of Biweekly Savings

Tag: Loans — admin @ 5:15 am

The best way to demonstrate the advantages of the biweekly payment plan is by comparing the biweekly plan with a standard 30-year fixed-rate loan.
For comparison’s sake, consider a $100,000 loan at 7.500%. For a standard 30-year fixed-rate loan, the monthly mortgage loan principal & interest (P & I) payment would be $699.21. With a biweekly plan, the borrower would pay $349.03 every two weeks. However, because of this design, the 30-year loan is paid in full in only 22 years, shaving almost eight years from the standard loan term.
The borrower also saves about $49,000 in interest charges with this scenario. With the standard 30-year fixed-rate loan, the borrower will end up paying more than $251,000 in interest throughout the life of the loan. But with the biweekly plan, the borrower will only pay about $202,000 in total interest over the reduced loan term.

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