![]() Ads served on our behalf by these companies do not contain unencrypted personal information and we limit the use of personal information by companies that serve our ads. Relationship-based ads and online behavioral advertising help us do that.īank of America participates in the Digital Advertising Alliance ("DAA") self-regulatory Principles for Online Behavioral Advertising and uses the Advertising Options Icon on our behavioral ads on non-affiliated third-party sites (excluding ads appearing on platforms that do not accept the icon). ![]() We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.We strive to provide you with information about products and services you might find interesting and useful. All examples are hypothetical and are for illustrative purposes. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. The most common amortizations for mortgages are 15 years and 30 years. ![]() Mortgage Amortization: The number of years over witch you would repay the loan entered if you made your normal monthly payment. Interest Rate: The interest rate on the mortgage loan entered. Mortgage Amount: The total amount for mortgage loan entered Just like the accelerated bi-weekly payments, you are in effect paying an additional monthly payment each year. The accelerated weekly payment is calculated by dividing your monthly payment by four. The effect can save you thousands in interest and take years off of your mortgage. This additional amount accelerates your loan payoff by going directly against your loan's principal. Since you pay 26 bi-weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. Nationwide Biweekly Administration calculates an accelerated bi-weekly mortgage payment, for example, by taking your normal monthly payment and dividing it by two. ![]() The extra funds are directed 100% to the principal of the loan eliminating thousands of dollars in interest charges, cutting years off the loan and dramatically increasing your home equity.ĭefinitions of the Loan Calculator: Accelerated weekly and bi-weekly payments The interest minimizer through Nationwide Biweekly Administration debits your bi-weekly amount from your checking or savings account then remits payments bi-weekly or makes your monthly loan payment when it's due.īecause there are 52 weeks in a year, that adds up to 26 bi-weekly debits which equals 13 monthly payments over the course of a year. In addition, it will tell you how much interest you'll save over the life of your loan by paying your mortgage biweekly instead of monthly. Biweekly and Weekly mortgage calculators are very simple tools that allow you to see the true savings or projected savings that you would receive. ![]() The Loan calculator through Nationwide Biweekly Administration can help you figure out exactly how a biweekly program works for you and how much exactly you would save by enrolling in a program such as the Interest Minimizer. "The Loan Calculator is designed to let you approximate your savings with the Interest Minimizer Program", says Dan Lipsky, founder of Nationwide Biweekly Administration in Xenia, Ohio. ![]()
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