30-year Conventional Fixed-Rate Mortgage
APR is Annual Percentage Rate. At a 3.000% interest rate, the APR for this loan type is 3.077%. The monthly payment schedule would be:
- 359 payments of $674.56 at an interest rate of 3.000%
- 1 payment of $673.76 at an interest rate of 3.000%
The above information assumes the loan purpose is to purchase an existing single-family home, to be used as a primary residence, with a loan amount of $160,000 and an estimated property value of $200,000 in South Bend, IN (St. Joseph County). The rate-lock period is 45 days and the assumed credit score is ≥740. Any change to the loan scenario above could impact the rates, payments and fees associated with your mortgage. 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.
First-Time Homebuyer Loan
APR is Annual Percentage Rate. At a 3.125% interest rate, the APR for this loan type is 3.604%. The monthly payment schedule would be:
- 102 payments of $942.60 at an interest rate of 3.125%
- 257 payments of $831.05 at an interest rate of 3.125%
- 1 payment of $830.39 at an interest rate of 3.125%
The above information assumes the loan purpose is to purchase an existing single-family home, to be used as a primary residence, with a loan amount of $194,000 and an estimated property value of $200,000 in South Bend, IN (St. Joseph County). The rate-lock period is 45 days and the assumed credit score is ≥740. Any change to the loan scenario above could impact the rates, payments and fees associated with your mortgage. 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.
* The monthly payment amounts quoted include the mortgage insurance premium. Generally, mortgage insurance is required if you are making a down payment of less than 20% of the home's value or purchase price.
Ajustable-Rate Mortgage (ARM)
APR is Annual Percentage Rate. At a 2.500% initial interest rate, the APR for this loan type is 2.822%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $632.19 at an interest rate of 2.500%
- 299 payments of $659.14 at an interest rate of 2.875%
- 1 payment of $658.15 at an interest rate of 2.875%
The above information assumes the loan purpose is to purchase an existing single-family home, to be used as a primary residence, with a loan amount of $160,000 and an estimated property value of $200,000 in South Bend, IN (St. Joseph County). The rate-lock period is 45 days and the assumed credit score is ≥740. Any change to the loan scenario above could impact the rates, payments and fees associated with your mortgage. 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.