Mortgage Information
| Comparison of rates are illustrated below. Examples of the three (3/1 ARM), five (5/1 ARM) and ten (10/1 ARM) year loan programs for a $400,000 construction/permanent loan with 30 year amortization with one closing and zero points: |
|
LOAN TERM
(a)
|
SPECIAL INTEREST
RATE (b)
|
P&I COST
PER MONTH
|
MARKET RATE
(b)
|
MARKET P&I
COST PER MONTH
|
SAVINGS PER
MONTH
|
SAVINGS OVER
TERM (c)
|
|---|---|---|---|---|---|---|
| 3/1 ARM | 6.25% | $2,462.87 | 7.25% | $2,728.71 | $265.84 | $12,760.32 |
| 5/1 ARM | 6.50% | $2,528.27 | 7.75% | $2,865.65 | $337.38 | $24,291.36 |
| 10/1 ARM | 7.25% | $2,728.71 | 8.25% | $2,969.99 | $241.28 | $31,848.96 |
| Customers may save up to 12% on monthly mortgage payments. |
(a)-
Fixed rate years/plus one year adjustable rate mortgage
(b)-
Rates subject to change
(c)-
Estimated
Interest rates updated on 12/18/99