Rate, APR, and Payment Details
The 7/1 adjustable-rate loan of $150,000.00 for 30 years has a starting payment of $816.73. Your interest rate remains fixed at 5.125% for 84 months (7 Years), after that time your interest rate is expected to change by 2% every 12 months. Your highest monthly payment, in this scenario, would be $1227.33.
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These payments are based on a $150,000 loan on a $200,000 property in Oakland County, MI. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
The values shown assume the loan is for the purchase of a single-family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.
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