# Mortgages

My second question for Heidi Dandurand at Invis was:

With interest rates so low right now, what is the average monthly payment on a mortgage of \$100,000? If interest rates go back to 5.8% like they were last year what would your payment be there?

Heidi's response to this was very short and to the point:

\$100,000 with 5% down payment over 35 years at 4.39% is \$454.72
\$100,000 with 5% down payment over 35 years at 5.80% is \$541.16

Difference per \$100,000 in savings is \$7,127.28!!! in 5 years!!!

If you were to borrow \$250,000 right now your mortage would about \$1136.80. If you had bought last year at 5.8% your payment would be \$1352.90. Thats a \$216.10 saving per month. Like Heidi said that over \$7,000 over your 5 year term. Lock that 4.39% in for 5 years and enjoy your home at a lower payment.

Prices are lower than last year and interest rates are at an all time low, neither will last.

Heidi Dandurand, AMP
Mortgage Associate,
Invis - Red Deer
#5, 3608 50 Avenue
Red Deer, AB T4N 3Y3
403 - 350-8958 (cell)
866-346-7444 (fax)