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 5.875% initial interest rate, the APR for this loan type is 6.282%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $1,833.77 at an interest rate of 5.875%
- 299 payments of $1,944.73 at an interest rate of 6.500%
- 1 payment of $1,943.35 at an interest rate of 6.500%
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.