|Mortgage Payoff Summary|
|Original loan amount||LOAN_AMOUNT|
|Original mortgage amortization||TERM Years|
|Years remaining||MORTGAGE_YRS_LEFT Years|
|Normal payment (PI)||MONTHLY_PI|
|Additional payment||PREPAY_AMOUNT PREPAY_TYPE|
Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.
The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
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