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 6.500% interest rate, the APR for this loan type is 6.715%. The monthly payment schedule would be:
- 179 payments of $1,829.31 at an interest rate of 6.500%
- 1 payment of $1,830.01 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.