What does an increase in interest rates cost?

Reblogger Rob Muller
Real Estate Agent with ReMax Town & Country

Great chart to help people understand the differences between certain price points they are looking at

Original content by Renee L. Norton

What does an increase in interest rates cost?

The following is a table showing the cost per $1000 financed at various interest rates - principal and interest only.

Interest Rate

Monthly Payment per $1000 financed  - 30 Year Loan

Monthly Payment per $1000 financed  - 15 Year Loan

4.5

$5.08

$7.65

4.75

$5.22

$7.78

5.0

$5.37

$7.91

5.25

$5.53

$8.04

5.5

$5.69

$8.18

5.75

$5.84

$8.31

6.0

$6.00

$8.44

 

On a $200,000 30 year loan, your payment will increase roughly $30 per month for every ¼ % rise in interest rate.  On a 15 year loan the increase will be approximately $26.  If you are thinking about buying a new home in the Birmingham or Shelby County area, don't delay.  Interest rates are going up and you may qualify for tax credits up to $8000. Call me for details.

Renee L Norton

Keller Williams Realty Hoover

205-914-0857

www.Bham-Listings.com

 

 

 

 

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Rainer
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Fontella Pappas
Pappas Realty & Southern Classic Realty - Denver, CO
TV Personality Real Estate Extraordinaire

This is excellent information; especially for numerically challenged people like myself.

Jan 18, 2010 03:40 PM #1
Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hi Rob,

Thank you for sharing an informative and helpful post.

John Pusa

Jan 18, 2010 04:21 PM #2
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Rob Muller

Cherokee County Real Estate
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