Ms. Towne is buying a home for $250,000 and is putting down 20% cash on the purchase. She is financing the rest with a 30-yr, fixed rate mortgage with a rate of 4.625%, but is considering an option that would allow her to make biweekly payments. How much interest would the biweekly payment option allow her to save over the life of the loan and how long would it take to pay off the loan

$180

Explanation:

the monthly payment = principal / annuity factor

monthly payment = $200,000 / 194.4995527 = $1,028.28

in total, you will pay $1,028.28  x 360 = $370,180.80, so total interests = $370,180.80 - $200,000 = $170,180.80

the biweekly payment = principal / annuity factor

monthly payment = $200,000 / 421.62071 = $474.36

in total, you will pay $474.36  x 780 = $370,000.80, so total interests = $370,000.80 - $200,000 = $170,000.80

During the 30 year period, you will be able to save $170,180.80 - $170,000.80 = $180 in interests

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