Example of how interest rate increases affect monthly payments
Below is an example of how interest rate increases would affect your monthly payments at 4% vs 6% vs 8% vs 10% interest if you bought a $400,000 home and put a down payment of 3.5% ($14,000) with a loan amount of $386,000.
4% interest - 30 year principal & interest payment = $1,842.82
6% interest - 30 year principal & interest payment = $2,314.27
8% interest - 30 year principal & interest payment = $2,832.33
10% interest - 30 year principal & interest payment = $3,387.43
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Real Estate Agent MA (#9530304 ), NV (#62827), and RI (#18138)
- 702-349-9175
- http://www.GreenValleyHomeFinder.com
Wow, this is fascinating @Robert Adams – thanks for compiling. Good to give your clients a perspective on how much it costs them to sit back and wait.