Bi-weekly Payments
Save time and money on your loan by making bi-weekly payments!*
It’s easy! Divide your current monthly payment in half and
pay that amount every two weeks.
With Bi-weekly Payments:
- 26 payments are made each year rather than 12, resulting in one full extra payment to the loan every year
- Principal balance is reduced every two weeks instead of monthly
- The lifespan of your loan is reduced.
The chart below illustrates your savings by using the bi-weekly payment option.
| Home Loan Amount | Payment | Re-paid In | Interest | Savings! |
|---|---|---|---|---|
| $100,000 | $521.65 | 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 | $300.00 Rounded up to the nearest $100 | 19 Years, 9 Months |
$42,200 | $45,594 in interest and over 10 years in payments |
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.
Call today to find out how you can begin making bi-weekly payments with your loans at Fox.
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