Sample Scenarios

and Other Disclosures

All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. Please contact Academy Mortgage for more information.

Consult your financial advisor about consolidating short-term debt into long-term debt.

Please consult a tax professional about your specific situation and the tax savings benefits of homeownership.

The monthly payment amount includes principal and interest (P&I) and any required mortgage insurance; it does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment.

APR calculations are based on origination and average loan fees including, processing, underwriting, and other closing cost.

This is not an offer for extension of credit or a commitment to lend. Please contact Academy Mortgage for more information.

Please contact an Academy Loan Officer for current market interest rates.

Academy Mortgage does not provide credit repair or credit counseling services.

Academy Mortgage arranges, but does not make some loans.

 

 

ARM Sample Loan Scenarios

This loan is an Adjustable Rate Mortgage. The interest rate and principal and interest payments are subject to increase after consummation. After the initial period, the interest rate and payment will adjust every year based on the sum of the 12-month LIBOR index (at 2.95% as of 10/11/2018) plus a margin of 2.25% up to a maximum annual cap of 2% and lifetime cap of 6%.

10-year

Based on the purchase price and loan amount, this transaction would have 36 initial monthly principal and interest payments at $1,658.21, based on the initial rate of 4.50% (as of 10/19/2018), followed by 12 monthly principal and interest payments at $1,816.77, based on the rate of 6.50%, and] 72 monthly principal and interest payments at $1,816.77, based on the fully indexed rate of 10.50%.

30-year

Based on the purchase price and loan amount, this transaction would have 36 initial monthly principal and interest payments at $810.70, based on the initial rate of 4.50% (as of 10/19/2018), followed by 12 monthly principal and interest payments at $1,011.31, based on the rate of 6.50%, and 312 monthly principal and interest payments at $1,463.58, based on the fully indexed rate of 10.50%.

 

 

Conventional Sample Loan Scenarios

Conventional loans with a down payment or equity less than 20% may require mortgage insurance which could increase the monthly payment and Annual Percentage Rate (APR).

10-year

Loan Scenario: $200,000 purchase price, $160,000 loan amount, 20% down payment, $1,906.84/month (PITI), 10-year fixed 5.125% interest rate, 5.418% APR.

15-year

Loan Scenario: $200,000 purchase price, $190,000 loan amount, 5% down payment, $1,661.67/month (PITI), 15-year fixed 4.125% interest rate, 4.565% APR.

20-year

Loan Scenario: $200,000 purchase price, $160,000 loan amount, 20% down payment, $1,278.15/month (PITI), 20-year fixed 5.25% interest rate, 5.413% APR.

25-year

Loan Scenario: $200,000 purchase price, $160,000 loan amount, 20% down payment, $1,181.58/month (PITI), 25-year fixed 5.49% interest rate, 5.63% APR.

30-year

Loan Scenario: $200,000 purchase price; $194,000 loan amount; 3% down payment; $1,503/month (PITI); 30-year fixed 5.49% interest rate; 6.321% APR.

Loan Scenario: $200,000 purchase price; $190,000 loan amount; 5% down payment; $1,249.19/month (PITI); 30-year fixed 5.250% interest rate; 5.289% APR.

Loan Scenario: $200,000 purchase price; $160,000 loan amount; 20% down payment; $1,084/month (PITI); 30-year fixed 5.25% interest rate; 5.371% APR.

 

 

FHA Sample Loan Scenarios

Loan Scenario: $200,000 loan amount; 3.5% down payment; $1,363.50/month (PITI); 30-year fixed 4.750% interest rate; 4.937% APR.

Loan Scenario: $200,000 loan amount; 10% down payment; $1,330.59/month (PITI); 30-year fixed 5.25% interest rate; 6.183% APR.

The MI requirements may change if the homebuyer is putting down more than 3.5% or desires a term less than 30 years.

 

 

Jumbo Sample Loan Scenarios

Loan Scenario: $600,000 purchase price, $540,000 loan amount, 10% down payment, $4,655.53/month (PITI), 15-year fixed 5.125% interest rate, 5.208% APR. Subject to property type, loan-to-value, and credit score.

Loan Scenario: $600,000 purchase price, $480,000 loan amount, 20% down payment, $2,757.09/month (PITI), 30-year fixed 4.5% interest rate, 4.631% APR. Subject to property type, loan-to-value, and credit score.

 

 

USDA Sample Loan Scenario

USDA Home Loans are guaranteed through the U.S. Department of Agriculture Rural Development.

Loan Scenario: $200,000 loan amount; 0% down payment; $1,301.80/month (PITI); 30-year fixed 4.750% interest rate; 4.785% APR.

 

 

VA Sample Loan Scenario

Loan Scenario: $204,300 loan amount; 0% down payment; $1,265.73/month (PITI); 30-year fixed 4.750% interest rate; 5.072% APR.

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