The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $150,000 and an estimated property value of $200,000. The property is located in Grand Rapids, MI and is within Kent 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 60 days and the assumed credit score is 740.
At a 3.125% initial interest rate, the APR for this loan type is 4.646%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 36 payments of $642.56 at an interest rate of 3.125%
- 323 payments of $791.10 at an interest rate of 5.000%
- 1 payment of $789.68 at an interest rate of 5.000%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.