"What is another $5,000 in a mortgage loan?" Just a couple bucks?!

By
Mortgage and Lending with 1st Mariner Bank NMLS# 1119449
https://activerain.com/droplet/45Dl

What do you think the payment would be on a $5,000 mortgage loan?

How much would your payment increase if you increased your mortgage $5,000 over 30 years?

 

You have to consider interest rate first of all.

 

In this example I'm using 5%. 

a) If you increased your mortgage $5,000, your payment would increase by $26.74

b) Also consider: if you are buying a bigger house, you are probably paying more in real estate taxes AND insurance. 

c) And if there is mortgage insurance on the loan, that will increase too. 

d) And the worst of it? The worst is that you are making a total of $9662.79 in payments over 30 years, $4662.79 of that is interest!

 

So it's not just a couple bucks a month.. It's more than that.. And worth considering when refinancing or purchasing a new home. 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Groups:
Mortgages
Realtors Needing the services of the Lending Powers
Consumer Mortgage Tips
Responsible Mortgage Lenders
Tags:
money sales price 5
000 payment taxes insurance mortgage insurance

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
12,745

Diane Marletto

FHA, VA, USDA, Conventional & 1st Time Buyer Loans
Ask me a question
*
*
*
*