The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $194,000 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 6.250% initial interest rate, the APR for this loan type is 6.941%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 84 payments of $1,283.41 at an interest rate of 6.250%
- 36 payments of $1,323.31 at an interest rate of 6.625%
- 23 payments of $1,261.87 at an interest rate of 6.625%
- 216 payments of $1,234.39 at an interest rate of 6.625%
- 1 payment of $1,235.45 at an interest rate of 6.625%
The monthly payment amounts quoted include the mortgage insurance premium.
Generally, mortgage insurance is required if you are making a down payment of less than 20% of the home's value or purchase price.
If an escrow account is required, the actual monthly payment will also include amounts for real estate taxes and insurance premiums, if applicable.