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ASSUMPTIONS:Purchasing a $350k home in Cook ,Illinois with $70k down...

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RATE TYPE RATE/APR POINTS/CREDITS PER MONTH
20 Years 20-YEAR FIXED 2.5%2.584%
2,159
1,484
100%
30 Years 30-YEAR FIXED 2.625%2.643%
644
1,125
33.3333333333%
25 Years 25-YEAR FIXED 2.625%2.649%
756
1,274
66.6666666667%
plus

Credits

A lender credit is money from your mortgage lender to help cover the mortgage-related closing costs associated with the purchase of your house. Your lender may offer you several thousand dollars in credit to cover most or all of the those costs. That credit is then applied to your mortgage.

plus

Points

Points represent a percentage of your loan amount (1 point = 1%). You might choose to pay points at closing in exchange for a lower interest rate on the loan. In other words, by pre-paying some interest, you are “buying down” your rate.

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Here’s the fine print with our mortgage rate assumptions and disclaimer information.

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  • Rates and fees are as of time displayed above and are subject to change without notice.
  • Loan Cabin does not charge an origination fee. The one-time costs shown include points/credits and third-party fees. An escrow deposit, pre-paid interest, and other charges may be required depending on your situation.
  • Monthly payments do not include taxes and insurance premiums. Your actual monthly housing expenses will be higher.
  • We don’t yet have your complete financial picture. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
  • Loan approval is subject to underwriter review: not everyone who applies will be approved.
  • We also assume: closing costs are paid out of pocket and debt-to-income ratio is below 45%.

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