Save time and money on your loan by making bi-weekly payments!*
It’s easy! Divide your current monthly payment in half and
pay that amount every two weeks.
With Bi-weekly Payments:
- 26 payments are made each year rather than 12, resulting in one full extra payment to the loan every year
- Principal balance is reduced every two weeks instead of monthly
- The lifespan of your loan is reduced.
The chart below illustrates your savings by using the bi-weekly payment option.
|Home Loan Amount||Payment||Re-paid In||Interest||Savings!|
|$100,000||$261.00 Bi-weekly||25 Years, 4 Months||$58,688||$29,106 in interest and
4.5 years of payments
|$100,000||$300.00 Rounded up to the nearest $100||19 Years,
|$42,200||$45,594 in interest and over 10 years in payments|
All calculations are based on a 30 year fixed rate home loan at 4.75%APR.
APR=annual percentage rate. Rates subject to change and may be based on credit score. *Certain restrictions apply.
Call today to find out how you can begin making bi-weekly payments with your loans at Fox.