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 5.000% initial interest rate, the APR for this loan type is 3.884%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $644.19 at an interest rate of 5.000%
- 299 payments of $529.75 at an interest rate of 3.125%
- 1 payment of $528.55 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.