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Comparison
Conventional vs. Biweekly
(Based on a $100,000 loan at 8.5%
over 30 years)
| |
Conventional Monthly Payments |
Biweekly Payments |
Biweekly Payments +$25 Extra |
Biweekly Payments +$50 Extra |
|
Amount Borrowed |
$100,000 |
$100,000 |
$100,000 |
$100,000 |
|
Length of Term |
30 years |
22 years |
19 years |
17 years |
|
Interest Paid |
$176,813 |
$126,163 |
$104,142 |
$89,312 |
|
Interest Saved |
0 |
$50,650 |
$72,617 |
$87,500 |
|
Interest Rate |
8.5% |
7.563% |
6.683% |
5.743% |
(After the total interest savings and the
reduced number of years have been
determined, the interest rate paid on the loan
has been re-calculated to show
the benefits in an annual rate.)
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