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Standard vs. Fortnightly

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Amount : (R)
Interest Rate : (%)
Length : (Years)
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Financial Analysis (Switch to Plain English)
  Standard Fortnightly
Length : 30 Yrs 0 Mts 25 Yrs 3 Mts
Time Saved : 4 Yrs 9 Mts
Fortnightly Payment : - R671.03
Monthly Payment : R1,342.05 R1,453.89
Total Interests Paid : R233,139.46 R189,734.44
Interest Savings : R43,405.02
Plain English Help (Switch to Financial Analysis)

When you set up your mortgage payment repayment plan, you can choose between a standard repayment plan or a fortnightly repayment plan. With the standard plan, it would take you 30 years to repay the loan while a fortnightly plan will take 25 years and 3 months. This will save you 4 years and 9 months. But, the savings doesn’t end there.

If you took out a R250,000.00 loan with an interest rate of 5.000%, you can expect to pay R1,342.05 per month, while a fortnightly payment plan will call for a payment of R671.03 every other week. As a result, you will pay only R189,734.44 in interest with the fotnightly schedule rather than R233,139.46 with the standard payment plan. This means that you will save a total of R43,405.02 with the fortnightly plan.

     
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