If I wait for that $400,000 house to come down to $350,000, could I be risking higher payments? Why yes, you could.....and why?
- $400,000 mortgage @ 4.5% = $2026.24
- $350,000 mortgage @ 6.0% = $2098.43
Does this ever happen? It's what we are watching buyers do right now!!
See the attached Spreadsheet and tell us your thoughts!!!
Should we wait for prices to go down or rates to go up??? |
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Loan Amount |
4.50% |
5.00% |
5.50% |
6.00% |
6.50% |
7.00% |
100,000 |
$506.69 |
$536.82 |
$567.79 |
$599.55 |
$632.07 |
$665.30 |
150,000 |
$760.03 |
$805.23 |
$851.68 |
$899.33 |
$948.10 |
$997.95 |
200,000 |
$1,013.37 |
$1,073.64 |
$1,135.58 |
$1,199.10 |
$1,264.14 |
$1,330.60 |
250,000 |
$1,266.71 |
$1,342.05 |
$1,419.47 |
$1,498.88 |
$1,580.17 |
$1,663.26 |
300,000 |
$1,520.06 |
$1,610.46 |
$1,703.37 |
$1,798.65 |
$1,896.20 |
$1,995.91 |
350,000 |
$1,773.40 |
$1,878.88 |
$1,987.26 |
$2,098.43 |
$2,212.24 |
$2,328.56 |
400,000 |
$2,026.74 |
$2,147.29 |
$2,271.16 |
$2,398.20 |
$2,528.27 |
$2,661.21 |
* Payments are all calculated on a 30 year fixed fully amortizing loan. |
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