Alternative Payment Frequencies Calculator
If you're considering an Alternative Payment Frequency (APF) mortgage, our calculator can help you estimate your monthly payments. Simply enter the loan amount, interest rate, and term of the loan, and the calculator will do the rest. In addition to your monthly payment, you'll also see an estimate of the total interest paid over the life of the loan. This can be helpful in deciding whether an APF mortgage is right for you. Keep in mind that APF loans typically have higher interest rates than traditional mortgages, so it's important to carefully consider all of your options before making a decision.
Alternative Payment Frequencies are payment terms that allow you to save money by making payments more frequently than monthly. The Alternative Payment Frequencies calculator will help you determine how much you can save by switching to a bi-weekly or weekly payment schedule. Simply enter your loan amount, interest rate, and current monthly payment, and the calculator will show you how much you would save by making payments every two weeks or every week.
Additionally, the calculator will show you how quickly your loan would be paid off under each scenario. As an example, if you have a $100,000 loan with a 4% interest rate and a monthly payment of $536, switching to a bi-weekly payment schedule would save you $26,936 in interest over the life of the loan and would result in the loan being paid off in 26 years and 8 months. Making the switch to weekly payments would save you even more money - $39894 in interest - and would result in the loan being paid off in 25 years and 8 months. If you're looking for a way to save money on your mortgage, consider making the switch to an Alternative Payment Frequency.