HELP! Interest Rate &
Number of Months:
Interest Rate: 
 
Enter the interest rate you are applying for on this loan.  For instance, if you are applying for a 5.5% interest rate, enter "5.5" without the % sign.  You will want to enter the decimal number here so the automatic calculator will work correctly (see the fraction-to-decimal conversion table below).
 
Fractions
=
Enter Decimals
5
=
5
5 1/8
=
5.125
5 1/4
=
5.25
5 3/8
=
5.375
5 1/2
=
5.5
5 5/8
=
5.625
5 3/4
=
5.75
5 7/8
=
5.875
6
=
6

Check with your loan officer for an update on today's interest rates for the loan program you are applying for.  Different loan programs have different ranges of interest rates available and sometimes change more than once per day.

The interest rate you are applying for may not be available when you lock your loan.  Usually it is possible to lock your interest rate upon first approval and sometimes upon submission.  Ask your loan officer about early rate locks and how it will affect your loan.
 

Number of 
Months:
Enter the length of time in months that your loan will run until it is paid off.  If you are applying for a 30 Year loan, enter "360".  If your loan will be a 15 Year loan, enter "180", and so on (see the years-to-months conversion table below).  If your loan doesn't fit the example below, just multiply the number of years by 12 and enter the result in the "Number of Months" field on the form.
 
Years
=
Enter Months
5
=
60
10
=
120
15
=
180
20
=
240
30
=
360
40
=
480

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