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 5.625% initial interest rate, the APR for this loan type is 6.549%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 84 payments of $1,205.69 at an interest rate of 5.625%
- 36 payments of $1,296.28 at an interest rate of 6.500%
- 18 payments of $1,234.84 at an interest rate of 6.500%
- 221 payments of $1,207.36 at an interest rate of 6.500%
- 1 payment of $1,207.82 at an interest rate of 6.500%
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.