The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $177,187 and an estimated property value of $235,000. 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 5.625% interest rate, the APR for this loan type is 5.930%. The monthly payment schedule would be:
- 359 payments of $1,019.98 at an interest rate of 5.625%
- 1 payment of $1,018.92 at an interest rate of 5.625%
The actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.