Funds to pay your loans are deducted from your account biweekly, or bimonthly and paid according to the terms of each loan.
By setting up smaller, but more frequent automatic debits to pay your loans, Pay Down My Debt reduces the total amount of interest you have to pay.
Your balances decrease faster, so less interest accrues.
Our system makes the equivalent of an extra monthly payment on each loan every year. This also reduces your balance faster, again with less interest going forward. It’s a win-win!
Here’s an example: On a 30-year, $325,000 mortgage at 4% interest, Pay Down My Debt can save you more than $36,000 in interest and pay off your loan 51 months earlier. You save more than four years of mortgage payments – how’s that for money in the bank!