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1/2 Pay Mortgage

Amboy Bank's 1/2 Pay Mortgage gives you the opportunity to save big on interest costs while paying off your mortgage ahead of schedule. By simply making payments bi-weekly instead of monthly, you'll find an amazing reward for your budgeting efforts.

Here's how it works:

Instead of making a payment once a month as you do with a conventional mortgage, you make one-half of your monthly payment every two weeks. By doing this, you actually make 26 half payments equal to 13 full payments each year. Of course, the faster your loan balance is reduced, the less interest you pay and the faster your equity in your home grows.

Conventional Mortgage vs. 1/2 Pay Mortgage
(Example: 30-year, $100,000, 7.75% APR)
  Conventional 1/2 Pay
Payment Amount $716 $358
Payment Frequency Monthly Every 2 weeks
Paid in Full (Years) 30 23
Total Interest Paid $157,908 $114,777
Interest Saved   $ 43,131

Amboy Advantages

  • Available for fixed or adjustable rate mortgages
  • Pay your mortgage off years ahead of time
  • Save thousands of dollars in interest costs
  • Your choice of term
  • Automatic $10,000 Home Equity Credit Line at time of closing (not to exceed 85% of LTV)
  • Amboy servicing for life of the loan
  • Automatic payments deducted from your Amboy Bank Checking Account
  • No additional or ongoing fees
  • Up to 90% financing available
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