Savings methodology
Customers who secure a mortgage from the Own Up® marketplace save an average of $28,217 in interest over the life of their loan.
Our calculation
$184,269
Interest cost of average loan in U.S.
−
$156,052
Interest cost of loan in our marketplace
$28,217
Average savings over the life of a loan
To find the total interest cost on the weighted average loan, we use the Optimal Blue® Mortgage Market Indices (one of the most widely used market averages) from January 1st 2023 to December 31st 2023 to determine the national average interest rate on the same day as our comparison loan was secured from the Own Up® marketplace.
We use that weighted national average interest rate to determine the total interest cost of the weighted average loan secured in 2023 at Own Up of $503,711. Interest can vary based on many factors, so we limited the analyses to 30 year conventional mortgages in 2023 but did not normalize for other factors that can influence rate (e.g., credit score, state, property type).
