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Your new Bi-Weekly Mortgage Payment Program now enables you
to reduce your mortgage loan that is typically about 30
years, to about 23 years, and therefore you will now save a
substantial amount of interest expense that you would
otherwise unnecessarily have to pay to the lending
institution.
Now, instead of you sending a check or making a payment at
the drive up window every month, we make your payment for
you.
Here is an example:
If you had enrolled on August 1, 2007, your mortgage payment
of $1,100 is due on the 28th of each month, and you choose
to begin your ½ payments on a Friday to coincide with your
company payroll, then your debit calendar would look like
this. We will set you up to begin the debiting every other
Friday, beginning on August 10, 2007. We will debit your
account by $550 every other Friday and apply all funds
directly to your mortgage payment on a monthly basis.
It is an excellent way to keep your payments on time,
significantly reduce the interest you pay and manager your
monthly finances a little smarter. It is just that simple!
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Activity |
Date |
Bi-Weekly Amount |
Payments Using BiWeekly Method |
Using Standard Monthly Method |
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Enrollment Date |
8/1/2007 |
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First 1/2 Debit |
8/10/2007 |
$550.00 |
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Recurring Debit |
8/24/2007 |
$550.00 |
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Payment |
8/28/2007 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
9/7/2007 |
$550.00 |
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Recurring Debit |
9/21/2007 |
$550.00 |
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Payment |
9/28/2007 |
|
$1,100.00 |
$1,100.00 |
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Recurring Debit |
10/5/2007 |
$550.00 |
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Recurring Debit |
10/19/2007 |
$550.00 |
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Payment |
10/28/2007 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
11/2/2007 |
$550.00 |
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Recurring Debit |
11/16/2007 |
$550.00 |
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Payment |
11/28/2007 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
11/30/2007 |
$550.00 |
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Recurring Debit |
12/14/2007 |
$550.00 |
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Payment |
12/28/2007 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
12/28/2007 |
$550.00 |
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Recurring Debit |
1/11/2008 |
$550.00 |
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Payment |
1/28/2008 |
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$1,650.00 |
$1,100.00 |
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Recurring Debit |
1/25/2008 |
$550.00 |
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Recurring Debit |
2/8/2008 |
$550.00 |
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Recurring Debit |
2/22/2008 |
$550.00 |
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Payment |
2/28/2008 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
3/7/2008 |
$550.00 |
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Recurring Debit |
3/21/2008 |
$550.00 |
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Payment |
3/28/2008 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
4/4/2008 |
$550.00 |
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Recurring Debit |
4/18/2008 |
$550.00 |
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Payment |
4/28/2008 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
5/2/2008 |
$550.00 |
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Recurring Debit |
5/16/2008 |
$550.00 |
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Payment |
5/28/2008 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
5/30/2008 |
$550.00 |
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Recurring Debit |
6/13/2008 |
$550.00 |
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Payment |
6/28/2008 |
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$1,100.00 |
$1,100.00 |
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Recurring Debit |
6/27/2008 |
$550.00 |
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Recurring Debit |
7/11/2008 |
$550.00 |
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Recurring Debit |
7/25/2008 |
$550.00 |
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Payment |
7/28/2008 |
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$1,650.00 |
$1,100.00 |
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Sum
Total Interest and Principal Paid 1st yr. |
$14,300.00 |
$13,200.00 |
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