The information provided assumes the purpose of the loan is to refinance the existing mortgage, 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 vacation home. 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 6.875% interest rate, the APR for this loan type is 7.069%. The monthly payment schedule would be:
- 359 payments of $656.93 at an interest rate of 6.875%
- 1 payment of $656.45 at an interest rate of 6.875%
If an escrow account is required, the actual monthly payment will also include amounts for real estate taxes and insurance premiums, if applicable.