Experts Commend Biweeklies
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"When repaid on a biweekly schedule a $70,000 mortgage at 10.5% annual interest produces a savings of $60,000 compared with a standard 30-year payback."
"A Biweekly mortgage is best for financially sophisticated home buyers, for move-up home owners and for anyone who wants faster equity build-up. ... The idea of biweekly mortgages is simplicity itself. ... It's a great disciplinary tool. ...it's like a Christmas Club. ...biweekly mortgages [are] 'pro-consumer'. "
"What started out as a mortgage lender's marketing gimmick is on its way to becoming the hottest home loan of the decade. It's the biweekly mortgage.... The attraction: Biweeklies reduce interest expense and build home equity faster. ...the idea behind a biweekly mortgage...because you pay off the principal faster, you build up more equity earlier."
"Whether you already have a mortgage or are in the market for a new loan, you can probably save tens of thousands of dollars by 'investing' in your mortgage. If you took out a $100,000 biweekly mortgage instead of a regular 30-year mortgage at 10.5 percent interest, you could save nearly $86,000 in interest over the life of the loan."
"The biweekly mortgage...The result on a $100,000, 30-year mortgage at 10%, for example, is that you can burn your mortgage in just under 21 years and save $78,359 in interest...."
"The simple fact is that a biweekly mortgage not only saves the home buyer a bundle, but makes him or her a homeowner much sooner than the traditional monthly mortgage does."
Mortgages: biweekly vs. fixed
What an $80,000 mortgage at 10% interest would cost:
The real cost of a mortgage
Monthly payments for a $100,000 fixed-rate mortgage. Shorter-term loans usually have slightly lower interest-rate charges. Type of Interest Months Monthly Total mortgage rate paid payment finance amount charges ______________________________________________ 10-year 10.25% 120 $1335.00 $60,247 15-year 10.25 180 1090.00 96,191 20-year 10.25 240 982.00 135,594 30-year 10.50 360 915.00 229,306 Biweekly* 10.50 246 457.00 143,462 ______________________________________________ *Biweekly payments on a 30-year, fixed-rate mortgage.
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