The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $150,000 and an estimated property value of $250,000. The property is located in Albany, NY and is within Albany county. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 740.
The note rate shall be fixed for 10 years and is subject to a rate adjustment bi-annually thereafter. The adjusted rate shall be based on the 30 Day Average SOFR plus 2.75% with a floor rate of Start Rate and a Ceiling Rate of Start Rate + 5.00%. The adjusted rate shall be based on the index value in effect 60 days priors to the contractual rate change data. At an example initial interest rate of 3.00%, the APR for this loan type is 3.125%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 120 payments of $632.41 at an interest rate of 3.00%
- 239 payments of $639.57 at an interest rate of 3.125%
- 1 payment of $636.79 at an interest rate of 3.125%
If an escrow account is required or requested, that payment does not include insurance and taxes and the payment may be greater.
