You want to buy a house for $500,000 with 10% down, so you are financing $450,000 – let’s compare interest rates….
$450,000 @ August 28th, 2019 rate of 3.75% = $2,084
$450,000 @ 4.0% = $2,148
$450.000 @ 4.25% = $2,213
$450.000 @ 4.50% = $2,280
$450,000 @ 4.75% = $ 2,347
$450,000 @ 5.0% = $2,416
So, every quarter point costs you about $65-$70 per month. Rates are about as good as they get right now. Rates hit 5% back in January – do you really want to add about $270 to your mortgage payment (based on a $450,000 loan)? Call me today to get set up on an automatic property search and take advantage of these low rates – 303.520.8700.
This is principal and interest only. A total mortgage payment consists of principal, interest, taxes, and insurance. Taxes and insurance vary from city to city and can’t be estimated for this blog post.