Which house do you want?
An accelerated loan payment plan is a novel approach to debt elimination with remarkable benefits. On a $200,000, 30-year fixed rate mortgage at 4.5%, you will pay the bank more than $135,000 in interest by the end of your loan term! Applying principal-only payments will decrease the loan balance to which the interest is applied thereby shortening the term and decreasing the overall cost of your home. Pay off your mortgage almost 6 years early by enrolling in AutoPayPlus.
The Benefits Add Up.
Will AutoPayPlus make sense for you? Take a look at our reduction chart below or visit the mortgage calculator to enter in your mortgage numbers. With traditional loan payment plans, you pay more interest on a mortgage in the early years and build equity* slowly. Extra principal payments early in the life of your loan will put you in a better equity* position when it comes time to sell or you’re in your home for the long-term, pay off your home sooner and reduce** your interest.
Smaller withdrawals are better for cash flow.
AutoPayPlus automates the home loan payment process for you, debiting your account the equivalent of a half-payment every two weeks (assuming you choose a biweekly payment plan), ensuring your lender is paid on time and tracking principal payments with the lender to confirm that they are applied correctly.
Could you do-it-yourself? Possibly, but our customers tell us that the convenience of “setting it and forgetting it” is worth it, especially when auto, student loans and other bills can be added during open enrollment for no additional enrollment fee.
AutoPayPlus simplifies your budget. The same amount is debited from your account each time, so it becomes routine and you don’t feel the extra payments. Using AutoPayPlus is like having a personal trainer for your loan, we get you results!
There are several payment plans available to match the way you are paid: biweekly, weekly, bimonthly, or monthly mortgage payments that accelerate your home loan pay off.