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'Whimsy Cottage' is nestled in the sought after Dumplings area, and offers a rare opportunity to enjoy coastal living with flexibility for the future. Thoughtfully designed and beautifully maintained, this custom home has a 4-bedroom OWTS septic in place with 2 finished bedrooms (one main level, and one above the garage), while the other 2 bedrooms on the 2nd fl are unfinished currently. The spacious living areas embrace the natural beauty and tranquility of its island setting. The home's open and inviting layout is ideal for both everyday living and entertaining, with craftsmanship and design that create a warm and welcoming atmosphere throughout. The woodworking detail is second to none. The over-sized 2 bay, 4-plus car garage offers unobstructed space and high ceilings, designed to accommodate multiple vehicle lifts, boat, large storage/work area. A standout feature of this property is its remarkable expansion potential. The unfinished second-floor spaces offer the opportunity to add approximately 2, 500 additional sq/ft and up to 2 beds and 1 'jack & jill' bath with media and rec rooms, and is all but finished with framing, electrical wiring, and HVAC in place, allowing the next owner to customize the home to suit their needs while significantly increasing its value. Enjoy the opportunity to join the Dumplings Association, which provides access to a private beach area. The home also has deeded access to Mackerel Cove w/ Town shops, marinas, beaches, & Newport minutes away.
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NMLS Mortgage Loan Originator ID 81725
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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|---|---|---|---|
| Loan Amount | $2,600,000 | $2,600,000 | $2,600,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.500% | 6.000% | 6.000% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.165% | 6.133% | 6.183% |
| Monthly Tax Payment | $1,194 | $1,194 | $1,194 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $14,763 | $15,588 | $21,940 |
| Total Monthly Payment | $16,082 | $16,907 | $23,259 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.