4.875% (APR 4.913%), 30-Year Fixed, $300,000 loan amount, 60% Loan-To-Value, Purchase or Refinance, Single Family Home, 740 FICO
This is a generic purchase or refinance scenario where the borrower has a strong credit score and there is plenty of equity in the home. Total closing costs in this scenario are $1,850. There are no origination points.
The monthly mortgage payment is $1,587.62 which consists of $368.87 that goes towards paying down the mortgage balance (principal) and $1,218.75 in Interest Expense in the first payment. In subsequent payments, the proportion of principal slowly increases and Interest Expense slowly decreases.
Mortgage Scenario posts are intended to provide you with a common scenario that demonstrate what competitive rates and fees should look like today. Rates change from day-to-day, even hour-to-hour, depending on MBS (Mortgage-Backed Securities) market movements. To get a quote that is customized to your situation, please fill out and submit the Mortgage Compare Request form on the Home Page.