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Payment Examples

Here are two examples to help you compare your financing options.

Example 1: Fixed Rate Mortgage

Home Listing Price: $100,000
30-year Fixed 5.75% Annual Percentage Rate (APR)
10% Down Payment
Estimated Closing Cost: $1,200

Principal and Interest $525.22
Taxes 120.00
Insurance 50.00
Private Mortgage Insurance (PMI) 39.00

Total Estimated Monthly Payment $734.22


Example 2: Adjustable Rate Mortgage (ARM)

Home Listing Price: $100,000
3-year ARM 4.75% APR*
10% Down Payment
Estimated Closing Cost: $1,200

Principal and Interest $469.48
Taxes 120.00
Insurance 50.00
PMI Waived**

Total Estimated Monthly Payment $639.48


*APR may be increased after the initial term of the loan
**PMI waived with a satisfactory credit history

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