Comparing a 7.76% one-year fixed quote on a $1.08m New York purchase

[OrlaIves]

I need to decide on this financing quote soon. The immediate attraction is payment certainty, but it lasts for only one year: 7.76% fixed on a New York purchase of around $1,080,000.

The headline offer looked cheaper until the fee structure and loan-to-value band were applied. For comparing lenders, should I focus on all cash paid in year one or model the cost of keeping the mortgage after the fixed period?

My current thought is to use two branches. If refinancing after a year is realistic, I would include the setup and exit costs in that short holding period. If it is not, I need to know the reset payment and remaining balance. I am also checking early-repayment restrictions and portability, since either refinancing or moving could change which quote works best.

 

[hikesAndBirch]

For a one-year fixed period, I’d compare total cash paid over that year: monthly payments plus every upfront or financed fee. APR is useful as an initial filter, but it may not reflect your actual timeline. What loan amount and loan-to-value tier are behind the quote? Without those, the advertised-rate comparison won’t tell you much.

 

[creek.local]

I wouldn’t limit the calculation to the first year. That can make the cheapest opening deal look better while ignoring rate-reset risk. Run at least one scenario where refinancing is unavailable or unattractive and you keep the loan after the fixed period. What would the payment become, and could your monthly budget absorb it? Portability also matters only if its conditions fit the move you might actually make.

 

[mara_deals]

Put each quote into a simple table with the same loan amount and timeline: cash due at closing, fees added to the balance, first-year payments, remaining balance after 12 months, early-repayment cost, and the post-fix payment assumptions. Then repeat it for a longer holding period. I’d ask each lender to confirm the reset terms, portability conditions, and repayment restrictions in writing rather than relying on the headline rate.