Thinking outside the box can save you a bundle.
With bi-weekly loan payments, you can cut thousands from your loan interest charges and eliminate debt years ahead of schedule.
You've probably heard the phrase, "Divide and conquer." That's a good strategy for paying off your Fox loans. By dividing your scheduled monthly payment in half and then sending that amount every two weeks, you can enjoy significant long-term savings.
- 26 half-payments are made each year rather than 12 full payments
- The result is one full extra payment to the loan each year
- Principal balance is reduced every two weeks instead of monthly
- The lifespan of your loan is reduced.
This chart illustrates your savings using the bi-weekly payment option.
|Home Loan Amount||Payment||Re-paid In||Interest||Savings!|
|$100,000||$521.65 Monthly||30 Years||$87,794||N/A|
|$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 Bi-weekly (Rounded up to nearest $100)||19 Years, 9 Months||$42,200||$45,594 in interest and over 10 years in payments|
Fox Communities Credit Union is a full-service, not-for-profit financial institution serving members throughout Eastern Wisconsin, including Appleton, Green Bay, Oshkosh, Manitowoc, and New London.
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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.