Thursday, May 24, 2012

Interest Rates, and Why We Care

The interest rate on a loan can make a huge difference in the price of the home you can buy. This is how the Interest Rate affects your purchasing power with a monthly payment of $1200:

 3.79%$257,849.22 (4/23/2012)
 4.50%   
$236,833.39
 5.00%      $223,537.94
 6.00%$200,149.94
 7.00%$180,369.08
 8.00%$163,540.19
 9.00%$149,138.24
10.00%$136,740.98
11.00%$126,007.62
12.00%$116,661.10

So, if you are planning to purchase a home, it's a good idea to do so while the interest rates are low.




















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