5.00% (APR 5.029%), 30-Year Fixed, $400,000 loan amount, 80% Loan-To-Value, Refinance – No Cashout, Single Family Home, 740 FICO
This is a generic refinance scenario where the borrower has a strong credit score, there is plenty of equity in the home, and the borrower is receiving $2,000 back or less at the closing table (i.e. “rate & term” refinance versus “cashout”). Total closing costs in this scenario are $1,850. There are no origination points.
The monthly mortgage payment is $2,147.29 which consists of $480.62 that goes towards paying down the mortgage balance (principal) and $1,666.67 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.