Historically low interest rates and what it means to your monthly payments.
Interest rates are continuing to go down. As of this month they are close to 3.4%. It is a historic number and if you are in the market looking to buy you should consider taking advantage of low rates. This assumes you have good credit, a strong down payment and can qualify for the monthly debt obligations. The slide below shows you how much a $100,000 mortgage would cost you in principal and interest (P&I) over the last ten years given the interest rate.
Let us say you want to buy a condo for $360,000. You decide to put down 20% and borrow $300,000. If you multiply $443 * 3 your payment for principal and interest would be $1330.44. If you look at the P&I payment on a…
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