The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $97,000 and an estimated property value of $100,000. The property is located in Traverse City, MI and is within Grand Traverse 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 45 days and the assumed credit score is 740.

At a 3.875% interest rate, the APR for this loan type is 4.552%. The monthly payment schedule would be:

The payment amount quoted contains the amount required to pay back your loan, also known as "principal and interest" as well as the mortgage insurance premium.

Generally, mortgage insurance is required if you are making a downpayment of less than 20% of the home's value or purchase price.


If an escrow account is required or requested, the actual payment will also include amounts for real estate taxes and homeowner's insurance premiums.