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| Standard | Bi-Weekly | |
| Length : | 30 Yrs 0 Mts | 25 Yrs 3 Mts |
| Time Saved : | 4 Yrs 9 Mts | |
| Bi-Weekly Payment : | - | $671.03 |
| Monthly Payment : | $1,342.05 | $1,453.89 |
| Total Interests Paid : | $233,139.46 | $189,734.44 |
| Interest Savings : | $43,405.02 | |
| Tax Savings : | $60,616.26 | $49,330.95 |
| Tax Saving Losses : | $11,285.31 | |
| Total Benefit (Int. Savings - Tax Saving Losses) : |
$32,119.72 | |
|
When you set up your mortgage payment repayment plan, you can choose between a standard repayment plan or a bi-weekly repayment plan. With the standard plan, it would take you 30 years to repay the loan while a biweekly plan will take 25 years and 3 months. This will save you 4 years and 9 months. But, the savings doesn’t end there. If you took out a $250,000.00 loan with an interest rate of 5.000% and your federal tax rate is 26.000%, you can expect to pay $1,342.05 per month, while a bi-weekly payment plan will call for a payment of $671.03 every other week. As a result, you will pay only $189,734.44 in interest with the bi-weekly schedule rather than $233,139.46 with the standard payment plan. While this will result in a loss of $11,285.31 in tax benefits, you will still save a total of $32,119.72 with the bi-weekly plan. |
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