How the Loan Rates Affect Us
Banks are still loaning money and the interest rates are still low! Currently, interest rates are staying in the low 4% range for a conforming loan ($417,000 or less). Just a few months ago the same loans would have been 6% or even more! Higher priced loans, known as Jumbo Loans (more than $417,000), also have a low interest rate in the low 5% range. Would you like to see how that translates into a monthly payment?
The Power of 1
| LOAN AMOUNT |
$250,000 |
$325,000 |
$417,000 |
| MONTHLY PAYMENT with 6% int. (*P/I only) |
$1,499 |
$1,950 |
$2,500 |
| MONTHLY PAYMENT with 5% int. (*P/I only) |
$1,342 |
$1,745 |
$2,239 |
| P/I MONTHLY DIFFERENCE |
$157 |
$205 |
$261 |
| THIS IS HOW MUCH ADDITIONAL MONEY YOU HAVE |
|
|
|
| TO SPEND ON A HOME WITH JUST A 1% RATE DROP! |
$29,051 |
$38,063 |
$48,704 |
The 1% difference lowers your payment significantly if you refinance, or buys you more home for the same monthly payment! Just think what that would get you: more bedrooms, a larger house, a better neighborhood, more amenities... maybe a shorter commute. Please contact me at (206) 419-2833 if you'd like to talk more about this. I can help!
* Principle and Interest.
These payment numbers are approximate and for owner-occupied properties. Investment property interest rates may differ.