Another way people lose money in real estate

Here'a a quick example of how interest rates change the landscape for you when buying a home.

Let's say that you were going to buy a home for $350,000 at 2.99%.  Your monthly principle and interest payments if amortized over 25 years would be $1,657.90.

If your interest rate goes to 3.99%, that same monthly payment would be on a mortgage of $314,000.

As interest rates continue to creep up, your money will get you less of a house.

This is how waiting to buy could cost you thousands.

 

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Adam Tondevold

Adam Tondevold

Sales Representative
CENTURY 21 Dome Realty Inc.
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