The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $900,000 and an estimated property value of $1,200,000. 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 5.990% initial interest rate, the APR for this loan type is 6.243%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $5,390.17 at an interest rate of 5.990%
- 299 payments of $5,588.86 at an interest rate of 6.375%
- 1 payment of $5,587.82 at an interest rate of 6.375%
If an escrow account is required, the actual monthly payment will also include amounts for real estate taxes and insurance premiums, if applicable.