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Purchase Rate Assumptions and APR Information


Today's refinance rates are based on the refinance of a single-family, primary residence, in TX. This rate assumes a credit score of 780, includes 0.875 in discount points, which is an upfront $6,562.50 included in closing costs below, and assumes the loan will have an escrow account and no cash out. Contact a home mortgage consultant to learn more.

Jumbo Loan

7/6-Month ARM Jumbo
Interest Rate (may increase after closing) 4.250%
APR 4.153%
Loan Amount $750,000
Down Payment 25.0%
Term 30 yrs
Time Initial Rate and Payment is in effect 7 yrs
Maximum Lifetime Caps Over/Under Original Rate 5%
Initial Monthly Principal & Interest Payment
(Excludes taxes and hazard insurance; total payment will be higher)
First Adjusted Interest Rate (Months 85 - 90) 3.875%
First Adjusted Payment (Months 85 - 90)
(Excludes taxes and hazard insurance; total payment will be higher)
Fully Indexed Interest Rate (Months 91 - 360) 3.875%
Fully Indexed Payment (Months 91 - 360)
(Excludes taxes and hazard insurance; total payment will be higher)
Closing Costs (includes the cost for required discount points) $14,469
Upfront Mortgage Insurance Premium $0.00
Rates, terms, and fees as of 7/01/2022 10:15 AM Eastern Daylight Time and subject to change without notice.

The following table illustrates the minimum and maximum payments over the life of this loan example.

Projected Payments

Payment Calculation Years 1-7 Year 8 Years 9-30
Principal & Interest $3,689.55
$3,176 min.
$4,833 max.
$3,176 min.
$5,648 max.
Mortgage Insurance + 0 + 0 + 0
Estimated Total Monthly Payment

(Excludes taxes and hazard insurance; total payment will be higher)

$3,689.55 $3,176-$4,833 $3,176-$5,648

Important disclosures, assumptions and APR Information

General Disclosures

  • The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination charges). For home equity lines, the APR simply reflects the interest rate. When shopping for a mortgage, you can use the APR to compare the costs of similar loans between lenders.
  • We based the mortgage interest rates shown on a 60-day rate lock period. Under certain circumstances, a 60-day rate lock may not be available. When you apply you can choose to lock or float your interest rate range. Learn more about your rate lock options and costs.
  • These mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing.
  • The estimated total closing costs above do not constitute and are not a substitute for a loan estimate, which includes an estimate of closing costs you will receive once you apply for a loan. The amounts provided above for Estimated Total Closing Costs, are estimations based on the state selected. This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment on your specific loan transaction may vary, and may include city, county, or other additional fees and costs.
  • If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the relief you may be eligible for under the Servicemembers Civil Relief Act or applicable state law.

Adjustable Rate Mortgages (ARMs)

  • Interest rates and payments may increase after consummation. After the initial fixed period, your interest rate may change periodically according to the market index. Any change may significantly impact your monthly payment. Since the index in the future is unknown, the First Adjusted Rate and Payments displayed are based on the current index plus the margin (fully indexed rate) at time of scenario/disclosure.
  • For conforming and jumbo ARM interest rates, your new mortgage rate at adjustment will be based on an industry-determined index rate added to a Wells Fargo margin. You'll receive specific index and margin information during the application process.

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    Fully Indexed Payment

    The amount of the principal and interest payment calculated when using the fully indexed rate.

    Fully Indexed Interest Rate

    The fully indexed interest rate is equal to the margin plus the index (an economic indicator used to determine changes in the interest rate).

    First Adjusted Payment

    After the end of the initial fixed-rate period, the first adjusted payment reflects the new principal and interest payment that's due each month on an adjustable-rate mortgage. Future payments can’t be predicted, so it’s estimated using the first adjusted interest rate. Interest rate adjustments may significantly increase or decrease the payment amount due.

    First Adjusted Interest Rate

    Estimate of the new interest rate on an adjustable-rate loan when it first adjusts after the fixed-rate period. Future rates can't be predicted, so it's estimated by adding the current index rate to the margin (subject to first adjustment cap).


    A loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Also called a non-conforming loan.

    Larger Loan Amounts in Eligible Areas

    In federally designated metropolitan areas, conventional and FHA loan limits have been increased to assist homebuyers.


    A loan that is either backed by the Federal Housing Administration (FHA) or a VA loan for eligible service members and veterans.

    Conventional Conforming Mortgage

    Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC).

    Annual Percentage Rate (APR)

    The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.

    Interest Rate

    The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.