Loan assumptions from Bank of America

Interest rates and APRs are based on current market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value ratio, credit score and other variables. Call for details. This is not a credit decision or a commitment to lend. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Additional loans programs may be available.

APR (annual percentage rate) reflects the effective cost of your loan on a yearly basis, taking into account such items as interest, most closing costs, discount points (also referred to as “points”) and loan-origination fees. One point is 1% of the mortgage amount (for example $1,000 on a $100,000 loan). Your monthly payment is not based on APR, but instead on the interest rate stated on your promissory note.

Adjustable Rate Mortgage (ARM) rates and payments assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period. An increase to the index would result in a higher interest rate and monthly payment.

Loan-to-value (LTV)

70% (For loan amounts greater than $1 million, assumed loan-to-value is 60%)

Down payment

30% (For refinance loans, 30% home equity)

Loan purpose

As selected

Property use


Lien position


Property type

Single-family residence

Property state

As selected

Prepayment penalty


Rate lock period

Purchase = 60 days and Refinance = 90 days. (Call for information and to obtain a rate quote and rate lock specific to your situation. This is not an offer of a rate lock.)

Jumbo loan rates apply for amounts ranging from $417,000.01 to $2 million. While this rates calculator provides information for loans up to $2 million, Bank of America offers jumbo loans up to $5 million.

Loan-to-value ratio

The ratio between the unpaid principal amount of a loan, or credit limit in the case of a line of credit, and the appraised value of the collateral. Expressed as a percentage. For example, if you have an $80,000 first mortgage on a home with an appraised value of $100,000, the LTV is 80% ($80,000 / $100,000 = 80%).


A legal claim of a creditor on the property of another as security for a debt that must be paid off when the property is sold.

Rate lock

A commitment issued by a lender to a borrower guaranteeing a specified interest rate for a specified period of time.