The Benefits of a Bi-Weekly Mortgage
Achieving long-term success requires a well-designed plan to save for future needs while financing more immediate ones as cost effectively as possible. Our Bi-Weekly option on 15- and 20-year fixed-rate mortgages can help you do both.
| For a Hypothetical $200,000 Mortgage* | ||
| 15-year at 3.471% APR* | Bi-Weekly | Monthly |
|---|---|---|
| Periodic Payment | $702.67 | $1,405.34 |
| Actual Amortization | 13.54 yrs | 15 yrs |
| Interest Savings | $5,795.36 | |
| 20-year at 4.282% APR* | Bi-Weekly | Monthly |
| Periodic Payment | $619.23 | $1,238.47 |
| Actual Amortization | 17.6 yrs | 20 yrs |
| Interest Savings | $13,010.13 | |
| * All loans subject to credit approval. APR is Annual Percentage Rate and is used for illustration purposes only. Rates quoted were accurate as of 10/29/14, but are subject to change at any time. Hypothetical payments do not include amounts for taxes and insurance premiums, which would make the actual payments greater. Both monthly and bi-weekly options apply to mortgages for owner-occupied dwellings in IN, MI and FL only. A 1st Source checking account with auto-debit is required for a bi-weekly option. | ||
To find out how much you can save, contact a 1st Source Mortgage Loan Originator or visit 1stsource.com/mortgage.