Interest rates have been climbing - let's see how that will impact the monthly payments you are making on your home.
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So we all know that interest rates are continuing to go up. But how does this actually affect the mortgage rate of your house? Say you have a home that is going to cost you five hundred thousand dollars, and at a two percent interest rate for a loan term of 30 years, you'd be finding that your monthly payment is at two thousand Forty nine dollars a month. Say we put a three percent interest rate into the calculator. You'll notice that your monthly payment is now at two thousand Two Hundred and Fifty Seven Dollars. Four percent is going to be Twenty four, Eighty Five percent is going to be Two thousand Seven Hundred Eighteen dollars. Six percent is going to be Two thousand Nine Hundred Sixty Nine dollars, and Seven percent Interest rates, which we are not too far from is currently at three thousand Two Hundred Thirty Two dollars for your monthly payment. That's an extra thousand dollars just because interest rates are going up right now. your house isn't getting any bigger.
People were like “don’t buy right now the market sucks” they weren’t the people looking at the interest rates lol. Got my house for 2.6
So if we need to get somewhere to live now, would you suggest renting an apartment, or still buying property?
Soo what should we do about this? You give a problem but no solution.