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 6.625% initial interest rate, the APR for this loan type is 7.268%, subject to increase.

Based on current market conditions, the payment schedule would be:

  • 84 monthly payments of $1,280.62 at an interest rate of 6.625%
  • 275 monthly payments of $1,394.12 at an interest rate of 7.625%
  • 1 monthly payment of $1,390.66 at an interest rate of 7.625%

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.