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What difference does a payment schedule make?

Most mortgages have very flexible payment alternatives. Weekly, bi-weekly, or monthly payments are most common. These choices also have a great effect on the overall interest payments.

Consider the example of a $150,000 mortgage with an interest rate of 6.20% over a 5 year term.

Payment         Remaining balance at end of term
Weekly             $244.40           $129,285.80
Bi-weekly        $488.81           $129,327.89
Monthly            $977.61           $135,132.08

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Term

Rate

Variable	2.05%
1 Year Closed	2.54%
2 Year Closed	3.09%
3 Year Closed	3.50%
4 Year Closed	3.99%
5 Year Closed	3.89%
7 Year Closed	4.99%
10 Year Closed	5.35%

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