UT mortgages : UT mortgage rates and home loans

HERE'S HOW IT WORKS:

Your statement will have up to 4 payment options (options vary each month). EACH MONTH, YOU CHOOSE WHICH PAYMENT YOU WANT TO MAKE.

· Minimum payment - The lowest payment amount required each month and it will remain unchanged for the first 12 months of the loan. (This payment option may result in negative amortization.)

· Interest only payment - This payment option covers only the interest due for the previous month (but will not pay down any of the principal balance on your loan).

· 15 year amortized payment - Is calculated using the then-current interest rate and principal balance and the remaining term of an assumed original loan term of 15 years from the first payment due date.

· 30 or 40 year amortized payment - This payment option equals the principal and interest due for that month, calculated at the then-current interest rate and principal balance and remaining loan term.

Here is an example: Based on a loan amount of $400,000

Option 1: Minimum payment due: $1428.97

Option 2: Interest only payment: $2250.00

Option 3: Full principal and interest payment: $2594.39

(based on the remaining term of your loan 30 yr)

Option 4: Full principal and interest payment: $3539.64

(based on a 15-year term)

*The above is based on a 5 year arm 400,000 loan 2594.39 P&I, 6.75% APR, equal housing lender, rates subject to change.

Calculate your own payment options:

Pay Option Calculator