Effective Date: 23-April-2025
Average time savings are based on typical mortgage applicants engaging with 5 or more lenders, spending approximately 4 or more hours per lender on research, rate comparisons, phone calls, and document collection or submission. By streamlining this process, Buildio can help save over 20 hours of effort for the average borrower.
Estimated lifetime interest savings are calculated based on a 0.25% reduction in mortgage rate on a $400,000 loan amortized over 30 years. For example, the difference between a 6.75% and 6.50% fixed rate results in approximately $84 less per month in interest, which adds up to over $30,000 in savings over the life of the loan.
Monthly savings are estimated by comparing your current loan payments—based on a 5-year repayment term at your specified average interest rate—to the payments on a new 30-year home equity loan at your new specified rate. For example, if you owe $100,000 at an average interest rate of 18%, your monthly payment over 5 years would be about $2,539. If you consolidate that into a 30-year loan at 7%, your new monthly payment would drop to around $665—saving you $1,874 per month.
Please note: the rates you input are for illustrative purposes only and may not reflect the actual rate you’ll qualify for. Actual mortgage terms, rates, and costs will vary based on your credit profile, lender, and specific property details. Monthly savings shown are based on a longer repayment term, which typically results in lower monthly payments but higher total interest over time. While consolidation can reduce your monthly financial burden, it may extend the duration of your debt.
30-year fixed-rate loan term is assumed when calculating monthly mortgage payments The "Principal and Interest" portion is calculated based on your specified loan amount and interest rate, assuming a standard amortization schedule.
Property taxes are estimated as a percentage of your home’s purchase price and divided into monthly payments. This rate may vary depending on your location and is for illustrative purposes only.
Home insurance costs are assumed to be paid annually and are divided evenly across 12 months. You may pay more or less depending on the property, location, and coverage selected.
PMI (Private Mortgage Insurance) is only estimated if your down payment is less than 20% of the home price. We use an approximate annual PMI rate of 0.5% of the loan amount, divided monthly.
HOA fees are based on your input and are added as a fixed monthly expense.
Please note: this calculator is designed for illustrative purposes only and may not reflect the actual rate you’ll qualify for. Actual mortgage terms, rates, and costs will vary based on your credit profile, lender, and specific property details.
For assumption questions or requests, please contact: info@buildio.us