The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $400,000 and an estimated property value of $500,000. The property is located in Pittsburgh, PA and is within Allegheny 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 60 days and the assumed credit score is 780.
At a 6.250% initial interest rate, the APR for this loan type is 6.990%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $2,462.87 at an interest rate of 6.250%
- 299 payments of $2,728.73 at an interest rate of 7.375%
- 1 payment of $2,729.24 at an interest rate of 7.375%
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.