Product, Payment, APR, & Rate Example Scenarios
On this page you’ll find examples scenarios for many of the programs listed on this website. The rate, APR, and monthly payment examples are for illustrative purposes only.
Actual interest rates will vary from these example scenarios as rates and terms change frequently. You will need to contact a licensed mortgage professional for the most -up-to-date pricing and product information.
The examples below are for a purchase home mortgage or rate and term refinance loan of a stick-built, single-family, primary residence for borrowers with a 700 credit score.
Some products may not be available in all areas and some restrictions may apply.
30 Year Fixed Rate Home Loan
The principal and interest payment (P&I) on a $175,000 30 year fixed rate home loan at an interest rate of 4.250% and 65% Loan-to-Value (LTV) is $860.89. The Annual Percentage Rate (APR) is 4.31% with $1200 in fees factored into the APR with zero discount or origination points. Payment does not include taxes and insurance premiums. No Private Mortgage Insurance (PMI) is required with 35% equity. 30-year mortgages require monthly payments for 360 months.
20 Year Fixed Rate Home Loan
The principal and interest payment on a $175,000 20 year fixed rate home loan at an interest rate of 4.00% and 65% Loan-to-Value (LTV) is $1060.47. The Annual Percentage Rate (APR) is 4.08% with $1200 in fees factored into the APR with zero discount or origination points. Payment does not include taxes and insurance premiums. No Private Mortgage Insurance (PMI) is required with 35% equity. 20 year home loans require monthly payments for 240 months.
15 Year Fixed Rate Home Loan
The principal and interest payment on a $175,000 15 year fixed rate home loan at an interest rate of 3.875% and 65% Loan-to-Value (LTV) is $1283.85. The Annual Percentage Rate (APR) is 3.98% with $1200 in fees factored into the APR with zero discount or origination points. Payment does not include taxes and insurance premiums. No Private Mortgage Insurance (PMI) is required with 35% equity. 15 year home loans require monthly payments for 180 months.
10 Year Fixed Rate Mortgage
The principal and interest payment on a $175,000 10 year fixed rate home loan at an interest rate of 3.75% and 65% Loan-to-Value (LTV) is $1751.07. The Annual Percentage Rate (APR) is 3.90% with $1200 in fees factored into the APR with zero discount or origination points. Payment does not include taxes and insurance premiums. No Private Mortgage Insurance (PMI) is required with 35% equity. 10 year home loans require monthly payments for 120 months.
30 Year Fixed Rate FHA Mortgage
The P&I payment on a $152,625 30 year fixed rate mortgage at an interest rate of 4.25% and 80% loan-to-value is $998.21 ($751 P&I + $102 Monthly Mortgage Insurance Premium – aka MIP). This is based upon a $187,500 sales price with 20% down and 1.75% one time upfront mortgage insurance premium (MIP) of the base loan amount of $150,000, which works out to $2,625, and a monthly mortgage insurance premium at 0.80% (will vary) of the base loan amount. The Annual Percentage Rate (APR) is 4.464% with $1,200 in fees and the 1.75% upfront MIP factored into the APR. Payment does not include taxes and insurance premiums. 30-year mortgages require monthly payments for 360 months. Note that for 30 year fixed rate FHA mortgages with a LTV 90% or less, the 1.30% MIP must be paid for the first 11 years of the loan or until the loan is paid off, whichever happens to come first.
15 Year Fixed Rate FHA Mortgage
The P&I payment on a $152,625 15 year fixed rate mortgage at an interest rate of 4% and 80% loan-to-value is $1,305.41 ($1129 P&I + $57 Monthly Mortgage Insurance Premium). This is based upon a $187,500 sales price with 20% down and 1.75% one time upfront mortgage insurance premium (MIP) of the base loan amount of $15000, which works out to $2,625, and a monthly mortgage insurance premium at 0.45% (will vary) of the base loan amount. The Annual Percentage Rate (APR) is 4.377% with $1,200 in fees and the 1.75% upfront MIP factored into the APR. Payment does not include taxes and insurance premiums. 15-year mortgages require monthly payments for 180 months. Note that for 15 year fixed rate FHA mortgages with a LTV of 90% or less, the 0.45% MIP must be paid for the first 11 years of the loan or until the loan is paid off, whichever happens to come first.
30 Year VA Fixed Rate Mortgage
The principal and interest payment on a $175,000 30 year VA fixed-rate mortgage at an interest rate of 4.250% and 100% loan-to-value (0 Down Payment) is $860.89. VA loans do not have mortgage insurance premiums. The APR is 4.494% with a 2.15% funding fee paid at closing (will vary), no origination and discount points, and $1200 in fees. 30 year fixed rate mortgages require repayment over the course of 360 months. 30-year mortgages require monthly payments for 360 months.
15 Year VA Fixed Rate Mortgage
The principal and interest payment on a $175,000 15 year VA fixed-rate mortgage at an interest rate of 4.000% and 100% loan-to-value (0 Down Payment) is $835.48. VA loans do not have mortgage insurance premiums. The APR is 4.240% with a 2.15% funding fee paid at closing (will vary), no origination and discount points, and $1200 in fees. 15 year fixed rate mortgages require repayment over the course of 180 months. 15-year mortgages require monthly payments for 180 months.
30 Year Fixed Rate USDA Mortgage
The monthly principal and interest payment on a $127,500 ($125,000 loan amount + $2500 upfront guarantee fee added to the loan) 30 year fixed rate USDA rural housing loan at an interest rate of 6% and 100% LTV (zero down) is $1,203.76 ($1,135.58 P&I + $68.18 Monthly MIP). This scenario is based upon a $125000 sales price and a 2.00% upfront guarantee fee of the base loan amount of $2500 ($125,000 X 2% = $2,500) and a monthly mortgage insurance premium (MIP) at .40% (of base loan amount). The APR is 6.641% with $800 in fees and the 2.00% upfront guarantee fee calculated into the APR. 30 year fixed rate home loans require monthly payments for 360 months (12 months X 30 years = 360 months). The payment example above does not include taxes, homeowners insurance, and any home-related dues.
7/1 ARM
The starting principal and interest payment on a $175,000 7/1 adjustable-rate mortgage at an interest rate of 3.75% and 65% Loan-to-Value (LTV) is $810.45 at a margin of 2.5% and a current index rate of 1.50%. At the time of closing, the Annual Percentage Rate is 4.037% with $1200 in fees incorporated into the APR. The monthly payment does not include taxes and insurance payments. No PMI is required in this example. 7/1 year mortgages have monthly mortgage payments for 360 months. With this 7/1 adjustable-rate mortgage, the loan has an introductory rate that exists for the first 7 years of the loan. After the first 7 years, the principal and interest payment will go up or down based upon the index at that moment and the margin and caps associated with the product and, a borrower’s rate will adjust once a year thereafter.
5/1 ARM
The starting principal and interest payment on a $175,000 5/1 adjustable-rate mortgage at an interest rate of 3.625% and 65% loan-to-value is $798.09 at a margin of 2.5% and a current index rate of 1.50%. At the time of closing, the Annual Percentage Rate is 4.067% with $1200 in fees incorporated into the APR. The monthly payment does not include taxes and insurance payments. No PMI is required in this example. 5/1 year mortgages have monthly mortgage payments for 360 months. With this 5/1 adjustable rate mortgages, the loan has an introductory rate that exists for the first 5 years of the loan. After the first 5 years, the principal and interest payment will go up or down based upon the index at that moment and the margin and caps associated with the product and, a borrower’s rate will adjust once a year thereafter.
Please note that these are example scenarios. Please contact a licensed mortgage professional for the most up-to-date rates and terms and to receive a personalized estimate for your unique scenario.
If you have any questions, you can reach out to us at the phone number or address listed on our website.
