Payment Frequency
Payments can be made Weekly, Bi-Weekly, Semi-Monthly or Monthly. For Weekly and Bi-Weekly frequencies, the payment due date must fall on a day Monday to Friday. Weekly payments are made every 7 days, Bi-Weekly is every 14 days, Semi-Monthly payments are made twice a month with 15 days in-between each and Monthly payments are made once a month, on a specified day.
Accelerated Yes or No
This is applicable to weekly and biweekly payments only. By selecting accelerated "Yes" you are making one full extra monthly payment per year, as it is your monthly payment divided by 2 for biweekly or divided by 4 for weekly. The interest savings shown at the bottom is based on a comparison to monthly payments. Choosing accelerated "No" will calculate a weekly or biweekly payment based on your amortization.