The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $310,000 and an estimated property value of $522,000. The property is located in Los Angeles, CA and is within Los Angeles 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 30 days and the assumed credit score is 780.
At a 6.500% initial interest rate, the APR for this loan type is 7.177%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 84 payments of $1,959.41 at an interest rate of 6.500%
- 275 payments of $2,201.35 at an interest rate of 7.875%
- 1 payment of $2,201.74 at an interest rate of 7.875%
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.