How Much Interest You Actually Pay – Tips To Pay Less

Friday, February 10th, 2023 Home Buying, Interest Rates, Loans Comments

Today Chris shows you how much money you can expect to pay over the life of the loan, and provides tips to pay less.

Chris Ulrich

Vice President | Mortgage Lending

NMLS 215735

Payment, Rate and APR Assumptions as of 2/9/2023 Payment, rate, and APR example for a 30 YR, 20 YR & 15 YR Fixed loan: At a loan amount of $400,000 on a home values at $500,000. Payment shown only to explain how a loan is amortized. For demonstration purposes only, rate of 6.000% / 6.500% APR. Does not include taxes and insurance. Actual payment with those items will be higher. Scenario assumes a 740 credit score, 80% loan to value, 60-day lock period, and zero points for an owner-occupied, single-family detached home which will be used as a primary residence. APR stands for annual percentage rate. Additional requirements must be met. Subject to underwriting approval. Not all applicants will qualify. This is not a commitment to lend.

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