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This is the default and most common mortgage payment schedule. The payment is withdrawn from your account once per month. Therefore, you are making 12 payments per year.
Based on the example below, each monthly payment would be $1,744.81.
The amount of interest paid over the course of a 25-year amortization period would be $223,443.02.
The payment gets withdrawn from your account two times per month (typically the 1st and 15th of the month). Therefore, you are making 24 payments per year.
Based on the example below, each monthly payment would be $871.51
Over a 25-year amortization period, you would pay $222,905.87, which is a savings of $537.15 in interest versus a monthly payment plan.
A bi-weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 26 pay periods in a year. Therefore, you are making 26 payments per year.
Using the mortgage details below, the bi-weekly payment is $804.41
Over a 25-year amortization period, you would pay $222,862.63, which is a savings of $580.39 in interest versus a monthly payment plan.
An accelerated bi-weekly payment is when you divide the monthly payment by two and pay it every two weeks. Therefore, you are also making 26 payments per year. This payment is higher than the regular bi-weekly payment amount.
Total interest over the life of the mortgage would total $187,181.87, you will pay off your mortgage over 3.5 years sooner (in 21 years and 6 months rather than 25) and save $36,261.15 in interest versus a monthly payment plan.
Take the monthly payment, multiply by 12 and divide by 52 weeks in a year.
This payment structure results in 52 payments per year, or one per week. Using the mortgage details below, your weekly payments would be $402.02.
Total interest over the life of the mortgage would total $222,606.77 which is a savings of $836.25 in interest versus a monthly payment plan.
Take the monthly payment and divide by four. Then pay every week. Therefore, you are also making 52 payments per year.
Using the mortgage details below, your accelerated weekly payment would be $436.20.
Total interest over the life of the mortgage would total $186,765.66, you will pay off your mortgage over 3.5 years sooner (in 21 years and 6 months rather than 25) and save $36,677.36 in interest versus a monthly payment plan.
Based on the table below, using the accelerated bi-weekly and accelerated weekly payments save you more money over the life of your mortgage. These two payment frequencies help you pay-of your mortgage faster.
Monthly
$1,744.81
$70,211.38
$223,443.02
25 Years
$0.00
Semi-Monthly
$871.51
$70,103.71
$222,905.87
24 Years 11 Months
$537.15
Bi-Weekly
$804.41
$70,095.38
$222,862.63
24 Years 11 Months
$580.39
Accelerated Bi-Weekly
$872.41
$68,917.82
$187,181.87
21 Years 6 Months
$36,261.15
Weekly
$402.02
$70,045.51
$222,606.77
24 Years 11 Months
$836.25
Accelerated Weekly
$436.20
$68,856.59
$186,765.66
21 Years 6 Months
$36,677.36
1223 31 Ave NE
Calgary, AB, T2E 7W1
© Copyrights reserved for Greatway Mortgage