What if you could schedule smaller withdrawals to match how you are paid that, over time, helped you pay off your loans months or even years faster? AutoPayPlus can do that with bi-weekly loan payment plans.
AutoPayPlus is a service that manages your payments, helps you build personal equity, and provides credit monitoring and 24/7 alerts so you can improve your financial standing today and be in a better position for future purchases.
How a bi-weekly loan payment option will save you money on your home mortgage.
By setting aside half of your regular mortgage payment every two weeks, you'll end up with two extra half-payments to your loan principal each year. If plan to stay in your home full term, you can save $27,725 in interest on a 30-year $250,000 mortgage at 4% APR after service fees. Plus, you can also be mortgage free 4 1/2 years earlier!
Depending on your loan amount, term and interest rate, enrolling in AutoPayPlus could make a big difference to your bottom line. The graphic below illustrates the savings on interest and term for an average American home in their 25th year of a 30 year term.