How does the AutoPayPlus biweekly loan payment service work?

It’s simple math that makes the difference. A 30-year, $250,000 home loan at 4.3% enrolled in AutoPayPlus will save you $31,794.27 in interest, and it will be paid off 52 months faster than a traditional loan schedule. We debit your account for 1/2 of the monthly loan payment every two weeks which gives you the equivalent of 13 full payments by the end of a year. That extra payment applied to principal creates interest savings and shortens the term of your loan. AutoPayPlus offers weekly, biweekly, monthly and custom payment plans to accommodate your pay cycle and budgetary needs. Results will vary according to the payment plan and how aggressively you choose to pay down your loan.

 

Leave a comment