Borrowing
We do not charge you a fee to make bi-weekly payments. This is offered as a free service to our members. How do bi-weekly payments work? Take your current monthly payment, split it in half and then make that half payment every two weeks. This can be setup through online banking or we can do it for you. The chart below illustrates your savings by using the bi-weekly payment option. Want additional savings? Round your bi-weekly payment up to the nearest $100! Some restrictions may apply for bi-weekly payments.
| Home Loan Amount | Payment | Re-paid In | Interest | Savings! |
|
$100,000
|
$521.65 | 30 Years | $87,794 | |
|
$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, 9 Months |
$42,200 | $45,594 in interest and over 10 years in payments |
With Bi-weekly Payments:
- Make half of your normal payment every two weeks.
- Twice each year an additional bi-weekly payment will be made which results in a full extra payment on the loan each year.
- Plus, the principal balance is reduced every two weeks instead of monthly.
- These reasons, coupled together, shorten the life of the loan.
*Certain restrictions apply for bi-weekly payment options.
