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Bi-weekly Fixed Rate Mortgages

Traditionally, mortgages are paid on a monthly basis. This type of mortgage requires payments to be made every two weeks. If you have a FRM that costs $1,000 per month, under a bi-weekly FRM, you would pay $500 every two weeks. Over the course of a year, that adds up to 26 total payments, which is equivalent to 13 monthly payments instead of 12. The extra payment enables you to pay off your loan faster and save money in the process.

Example: $150,000 mortgage; 8% fixed interest rate; 30-year term

   FRM  Bi-weekly FRM  Savings
Total Amount Paid  $396,233 $331, 859 $64,374 
Duration 30 Years  21.6 Years   8.4 Years 

In this example, the borrower saved $64,374 and paid the loan off 8.4 years sooner.

New Era Bank offers:

  • Bi-weekly 15 Year Fixed
  • Bi-weekly 30 Year Fixed

Bi-weekly 15 Year Fixed Rate Mortgage

Features: This mortgage offers a fixed interest rate for 15 years. The principal and interest of your bi-weekly payment will not change. By making bi-weekly payments, you may dramatically reduce the total amount you pay on your mortgage. This loan is one of the fastest ways to build equity in your home.

Tip: Your payment can be automatically and conveniently deducted from your New Era Bank checking account. Savings will be substantial, but make sure you budget adequately for the additional payments. If you only plan to be in your home a few years, this is probably not the type of mortgage for you.

Bi-weekly 30 Year Fixed Rate Mortgage

Features: Enjoy the security of a fixed interest rate for 30 years. The principal and interest of your bi-weekly payment will not change, which will make your budgeting much simpler. By making bi-weekly payments, you may dramatically reduce the total amount you pay on your mortgage.

Tip: Your payment can be automatically and conveniently deducted from your New Era Bank checking account. This loan is one of the fastest ways to build equity in your home. Savings will be substantial, but make sure you budget adequately for the additional payments.