What Do Monthly Mortgage Payments Look Like These Days?
Here’s how low interest rates are affecting home affordability.
If you’re watching the news, you’ve been hearing a lot about these low interest rates we have. They are lower than they have ever been, and in fact, we had a client lock in a 30-year fixed-rate mortgage at 2.75% yesterday. That is nothing short of incredible.
What do these low rates mean when it comes to your monthly payment? We’ve broken down a few different scenarios by loan amount. A few caveats: These numbers don’t include taxes, insurance, or down payment amounts.
Lower rates mean a lower monthly payment.
For a $200,000 loan with a 30-year, 2.75% rate, you’ll have an $816 monthly payment. The payment for a $300,000 home with the same rate would be $1,225. A $400,000 loan would cost you $1,633 monthly and a $500,000 loan would cost you $2,041 per month.
If you have any questions about buying a home, selling a home, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.