Quote:
Originally Posted by ThaVirus
I don’t know Kurt but I could see it being true with the rise in housing prices combined with current interest rates.
A $300k home today with a 7% interest rate would be something like a $2500 monthly mortgage, not including insurance, utilities, etc.
That same home in 2021 could easily have been $200k with a 2% interest rate. I’m not going to calculate for accuracy but I’d guess the mortgage on that bad boy would be closer to like $1200/month or something…?
Not to mention the vast difference in down payments if you’re going that route as well.
|
300k house at 6.7% (you get a better interest rate if your credit score is above 750) with a 20% down payment has a mortgage payment of $1,500 per month.