The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $640,000 and an estimated property value of $800,000. The property is located in Fall River, MA and is within Bristol county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The assumed credit score is 740.
At a 2.625% interest rate, the APR for this loan type is 2.795%. The monthly payment schedule would be:
84 payments of $2.570.56 at an interest rate of 2.625%
12 payments of $3,135.66 at an interest rate of 4.625%
264 payments of a max of $4,392.70 at an interest rate of 8.625%
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.