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ASSURANCE HOME LOAN INC. nmls345907
150 Coconut Dr Suite #202
Indialantic, FL 32903
Phone: (321) 728-0101
Fax: (321) 339-1907
Locally Owned and Operating in Florida since 1990
 
 
We Like to Say Yes
 
Reverse Mortgage Experts
 
 
Assurance Home Loan Inc.
 
"Proudly Serving all counties in Florida since"
 
1998
 
 
Reverse Mortgage Experts since
 
2001
Mortgage Calculator     
Calculators Provided by: IMAGEPROWEBSITE.COM

Standard vs. Bi-Weekly

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Your Tax Rate
Tax Rate : (%)

Financial Analysis (Switch to Plain English)
  Standard Bi-Weekly
Length : 30 Yrs 0 Mts 26 Yrs 2 Mts
Time Saved : 3 Yrs 10 Mts
Bi-Weekly Payment : - $561.31
Monthly Payment : $1,122.61 $1,216.16
Total Interests Paid : $154,140.22 $131,676.52
Interest Savings : $22,463.69
Tax Savings : $40,076.46 $34,235.90
Tax Saving Losses : $5,840.56
Total Benefit
(Int. Savings - Tax Saving Losses) : 		$16,623.13
Plain English Help (Switch to Financial Analysis)

When you set up your mortgage payment repayment plan, you can choose between a standard repayment plan or a bi-weekly repayment plan. With the standard plan, it would take you 30 years to repay the loan while a biweekly plan will take 26 years and 2 months. This will save you 3 years and 10 months. But, the savings doesn’t end there.

If you took out a $250,000.00 loan with an interest rate of 3.500% and your federal tax rate is 26.000%, you can expect to pay $1,122.61 per month, while a bi-weekly payment plan will call for a payment of $131,676.52 every other week. As a result, you will pay only $131,676.52 in interest with the bi-monthly schedule rather than $154,140.22 with the standard payment plan. While this will result in a loss of $5,840.56 in tax benefits, you will still save a total of $16,623.13 with the bi-weekly plan.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.