The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $100,000 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 6.000% initial interest rate, the APR for this loan type is 3.053%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 12 payments of $599.55 at an interest rate of 6.000%
- 12 payments of $480.01 at an interest rate of 4.000%
- 335 payments of $401.42 at an interest rate of 2.500%
- 1 payment of $401.69 at an interest rate of 2.500%
If an escrow account is required, the actual monthly payment will also include amounts for real estate taxes and insurance premiums, if applicable.