The information provided assumes the purpose of the loan is to purchase a property with an 80% loan to value. For this example, purchase price is assumed to be $375,000 with a loan of $300,000. The property is located in the Lowell Five lending area. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account may be required. The rate lock period is 60 days.
At a 6.625% interest rate, the APR for this loan type is 6.665%. The monthly payment schedule would be:
- 359 payments of $1,920.93 at an interest rate of 6.625%
- 1 payment of $1,922.00 at an interest rate of 6.625%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and flood insurance if applicable.