Step 2
Learn how the Mortgage Payoff Acceleration Program (MPAP) can help you.

MPAP is a biweekly mortgage payment program that electronically debits homeowners' accounts every two weeks through the Automatic Clearing House (ACH) System by participating FDIC banks in the Federal Reserve System. The biweekly debits are equal to at least one-half of the real property owner's existing mortgage payment. Thus, if the monthly payment is $1,000, then $500 would be debited every two weeks. Through this method, 26 payments are made over the course of the year, the equivalent of 13 monthly payments rather than 12. All of the extra payment is applied exclusively toward a reduction in the principal of the mortgage.

For example, take an average $100,000 mortgage for 30 years at 8.5% interest. Making regular monthly payments, a homeowner would pay $176,813.55 total interest. With a biweekly payment plan, you would not only reduce the term by 7 years, 4 months, you'd pay only $126,163.02 in interest - a savings of $50,650.53!