The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $101,250 and an estimated property value of $200,000. The property is located in Littleton, MA and is within Middlesex 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 55 days and the assumed credit score is 780. ARM = Adjustable Rate Mortgage.
At a 6.500% interest rate, the APR for this loan type is 6.776%. The monthly payment schedule would be:
- 359 payments of $639.97 at an interest rate of 6.500%
- 1 payment of $639.49 at an interest rate of 6.500%
The actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.