The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $200,000 and an estimated property value of $400,000. The property is located in NY and is within Nassau 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 60 days and the assumed credit score is 740.
At a 6.500% initial interest rate, the APR for this loan type is 7.437%, subject to increase.
Based on current market conditions, the payment schedule would be:
- 84 monthly payments of $1,264.14 at an interest rate of 6.500%
- 275 monthly payments of $1,449.47 at an interest rate of 8.125%
- 1 monthly payment of $1,453.16 at an interest rate of 8.125%
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.