The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $120,000 and an estimated property value of $150,000. The property is located in Ferndale, MI and is within Oakland county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 45 days and the assumed credit score is 740.
At a 5.250% initial interest rate, the APR for this loan type is 3.986%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $662.64 at an interest rate of 5.250%
- 12 payments of $538.87 at an interest rate of 3.250%
- 287 payments of $531.85 at an interest rate of 3.125%
- 1 payment of $530.68 at an interest rate of 3.125%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.