Yesterday I posted an article on climbing interest rates. We all are aware that the higher interest rates make our payments climb. It is surprising though just how much they affect our payment. When written down and compared side by side it is always of great interest (no play on words intended). Below are two separate loan amounts with two different interest rates applied for loan payment amounts. Loan term used for the example is 30 year fixed rate. Figures do not include taxes or insurance.
$125,000 @ 3.71% = $576.06 monthly payment
$125,000 @ 5% = $671.03 monthly payment
$225,000 @ 3.71% = $1,036.91 monthly payment
$225,000 @ 5% = $1,207.85 monthly payment
Use the chart below to calculate any amounts you may be interested in:
Mark Don McInnes
Associate Broker