The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $210,000 and an estimated property value of $285,000. The property is located in IL and is within Cook 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 6.875% initial interest rate, the APR for this loan type is 7.881%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $1,379.55 at an interest rate of 6.875%
- 299 payments of $1,573.00 at an interest rate of 8.375%
- 1 payment of $1,574.18 at an interest rate of 8.375%
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.