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How much really are monthly payments?

Buyers often place too much importance on the price of a home, and not enough emphasis on a home’s actual cost. The graphic below illustrates how much a $100,000 home’s monthly payment increases by just slight increases in interest rates. Now imagine a $200,000 or $300,000 home, with payments being made over the typical term of 15 or 30 years loan.

 
YEAR 30 YEAR MORTGAGE P&I PAYMENT ON
Interest Rate $100,000 Mortgage
________________________________________________
2003    6.15%    $609.23
2004    5.75%    $583.57
2005    5.77%    $584.84
2006    6.40%    $625.51
2007    6.38%    $624.20
2008    6.04%    $602.12
2009    5.06%    $540.49
2010    4.32%    $496.05
2011    4.01%    $477.99
2012    3.40%   $443.48

Buyers focus on what matters the most: their monthly payment. History is in your favor BUY NOW!

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  1. cityOctober 16, 2012 at 12:51 AM

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