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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
Loans-15Fixed15 15-YEAR FIXED 2.125%2.164%
778
1,818
58%
Loans-20Fixed20 20-YEAR FIXED 2.625%2.631%
157
1,501
86%
25 25-YEAR FIXED 2.875%2.896%
658
1,310
84%
Loans-30Fixed30 30-YEAR FIXED 2.875%2.89%
546
1,162
71%
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 above are at real time but are subject to change without notice.
  • Loan Cabin does not charge an origination fee. The one-time costs shown include points/credits only. Third party fees such as appraisal and title are not included in the amount shown. Closing costs such escrow deposit, pre-paid interest, and other charges may be required depending on your situation.
  • Monthly payments do not include taxes and insurance premiums. The amount above is for principle and interest only. Your actual monthly housing expenses can be higher.
  • We do not yet have your complete financial picture and these are assuming you have accurately imputed the correct information.  Your actual rate, payment, and costs could be higher.
  • 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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