Important Loan Information
The example below is based on a loan amount of $225,000 for the purchase of an existing single-family home with an estimated property value of $281,250.00. The property will be owner-occupied as a primary residence. The example assumes a credit score of 740 and that no escrow account for property taxes and homeowners’ insurance is established.
With an initial interest rate of 7.00%, the Annual Percentage Rate (APR) is 7.10%. Because this is an adjustable-rate mortgage, the interest rate and payment amount may increase after the initial fixed-rate period.
Based on these assumptions, the estimated monthly payment schedule would be:
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120 monthly payments of $1,496.93 at an interest rate of 7.00%
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239 monthly payments of $1,737.17 at an interest rate of 9.00%
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1 final payment of $1,738.48 at an interest rate of 9.00%
If an escrow account is required or elected, your actual monthly payment will be higher and will include amounts for property taxes, homeowners’ insurance, and any other required escrowed items.
This payment example is for illustrative purposes only. Actual loan terms, interest rates, APR, and monthly payments may vary based on credit qualifications, loan amount, property type, occupancy, market conditions, and other factors.