The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $1,610,000 and an estimated property value of $2,300,000. The property is located in San Diego, CA and is within San Diego 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 780.
At a 6.500% initial interest rate, the APR for this loan type is 6.926%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $10,176.30 at an interest rate of 6.500%
- 299 payments of $10,772.61 at an interest rate of 7.125%
- 1 payment of $10,771.96 at an interest rate of 7.125%
If an escrow account is required or requested, the actual monthly payment may be higher after accounting for real estate taxes and homeowner insurance premiums.