Nationwide Biweekly Administration Launches new feature on the Company’s Website

May 15, 2010 - PRLog -- Nationwide Biweekly Administration Launches new feature on the Company’s Website

Nationwide Biweekly Administration introduces a new feature on the Nationwide Biweekly website www.nbabiweekly.com.  The new feature is called the Loan Calculator

“The Loan Calculator is designed to let you approximate your savings with the Interest Minimizer Program”, says Dan Lipsky, founder of Nationwide Biweekly Administration in Xenia, Ohio.

Definitions of the Loan Calculator:

Accelerated weekly and bi-weekly payments

Nationwide Biweekly Administration calculates an accelerated bi-weekly mortgage payment, for example, by taking your normal monthly payment and dividing it by two.  Since you pay 26 bi-weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment.  This additional amount accelerates your loan payoff by going directly against your loan’s principal.  The effect can save you thousands in interest and take years off of your mortgage.

The accelerated weekly payment is calculated by dividing your monthly payment by four.  You then make 52 weekly payments.  Just like the accelerated bi-weekly payments, you are in effect paying an additional monthly payment each year.  

Mortgage Amount: The total amount for mortgage loan entered

Interest Rate: The interest rate on the mortgage loan entered

Mortgage Amortization: The number of years over witch you would repay the loan entered if you made your normal monthly payment.  The most common amortizations for mortgages are 15 years and 30 years.

You can visit the loan calculator at http://www.nbabiweekly.com/calculator2.html

# # #

Nationwide Biweekly Administration Inc., a Xenia, Ohio based company, is one of the nation’s largest administrators of weekly and bi-weekly payment programs. Millions of transactions each year are processed through its Interest Minimizer program.

The Interest Minimizer program provides customers with an established, automatic, worry-free payment program to help them save tens of thousands of dollars in interest payments on their mortgages, credit cards, equity lines of credit and other interest bearing loans years ahead of schedule. Payments are administered to more than 2,100 different mortgage companies, banks, and credit unions nationwide.