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Refinance Rate Assumptions and APR Information


Today’s refinance rates are based on the refinance of a single-family, primary residence, a credit score of 740, and assumes the loan will have an escrow account.

Jumbo Loan

10/1 ARM Jumbo
Interest Rate (may increase after closing) 4.25%
APR 4.411%
Loan Amount 750000
Down Payment 25.0%
Term 30 yrs
Time Initial Rate and Payment is in effect 10 yrs
Maximum Lifetime Caps Over/Under Original Rate 5.0%
Initial Monthly Principal & Interest Payment
(Excludes taxes and hazard insurance; total payment will be higher)
First Adjusted Interest Rate (Months 121 - 132) 4.625%
First Adjusted Payment (Months 121 - 132)
(Excludes taxes and hazard insurance; total payment will be higher)
Fully Indexed Interest Rate (Months 133 - 360) 4.625%
Fully Indexed Payment (Months 133 - 360)
(Excludes taxes and hazard insurance; total payment will be higher)
Closing Costs 10370
Upfront Mortgage Insurance Premium 0
Rates, terms, and fees as of 2/16/2018 10:15 AM Eastern Standard 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 1-10 Year 11 Year 12 Years 13-30
Principal & Interest $3,689.55
$3,085 min.
$4,355 max.
$3,085 min.
$5,049 max.
$3,085 min.
$5,400 max.
Mortgage Insurance + 0 + 0 + 0 + 0
Estimated Total Monthly Payment

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

$3,689.55 $3,085-$4,355 $3,085-$5,049 $3,085-$5,400

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 fees). 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.
  • Mortgage interest rates shown are based on a 60-day rate lock period. Under certain circumstances, a 60-day rate lock may not be available.
  • These mortgage rates are based upon a variety of assumptions and conditions which include a consumer credit score which 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, than 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.

Adjustable Rate Mortgages (ARMs)

  • For adjustable-rate loans, your monthly principal and interest payment will be fixed for a period of time, and then may change based on annual interest rate adjustments. Before choosing an ARM, you should decide if you can manage the maximum estimated payment if the rate increases. To fully understand minimum and maximum payments, please speak to a home mortgage consultant.
  • For conforming and jumbo ARM interest rates, at adjustment your new mortgage rate will be the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market (LIBOR) as published in The Wall Street Journal, plus a margin of 2.25% subject to annual and lifetime adjustment caps.


  • Jumbo rates reflect a discount which includes a requirement that the borrower agree to monthly payments via preauthorized electronic funds transfer. Jumbo rates are higher for borrowers who do not meet these criteria, but otherwise qualify for a Wells Fargo jumbo mortgage loan product.
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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
New estimated monthly principal-and-interest payment when the interest rate on an adjustable-rate loan is reset. After the initial fixed-rate period, your interest rate can fluctuate annually, which may significantly impact your monthly payment.

First Adjusted Interest Rate
Estimate of the 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 calculated 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 government 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
A mortgage that is not obtained under a government program (FHA or VA) and satisfies the underwriting guidelines and loan limits set by Fannie Mae or Freddie Mac.

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 percentage of an amount of money which is paid for its use for a specified time.