What's Hot: A Snapshot Of Apartment Rents Across The DC Area
Interest Rates: The Difference a Month Makes
✉️ Want to forward this article? Click here.
As we reported last Friday, long-term interest rates are on the rise, and may be hitting an average of 4 percent in the very near future.
While still historically low, rates have risen notably in just the last month, and so the difference in monthly mortgage payments if you bought a month ago versus today are notable. UrbanTurf wanted to take a look at just how much the rate increase impacts homeowners’ bottom lines.
Using this four-bedroom rowhouse in Mount Pleasant priced at $795,000, we took a look at the difference in monthly payments, based on varying interest rates over the last 30 days.
Let’s assume that in each case, the homeowner puts down 20 percent and takes out a loan for the remaining $636,000.
Here are the three interest rate scenarios.
May 2nd: The average mortgage rate was 3.35 percent.
Monthly Mortgage Payment: $2,802.94
Total Outlay on Mortgage (Payment x 360 months): $1,009,058.40
May 23rd: The average mortgage rate is 3.59 percent.
Monthly Mortgage Payment: $2,887.97
Total Outlay (Payment x 360 months): $1,039,669.20
June 6th: The projected average mortgage rate is 3.9 percent.
Monthly Mortgage Payment: $2,999.81
Total Outlay (Payment x 360 months): $1,079,931.60
So, the difference between a rate of 3.35 percent and 3.9 percent is about $197 a month or $70,873 over the life of the loan.
Similar Posts:
See other articles related to: dclofts, interest rates, mortgage rates
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the_difference_a_month_makes/7153.
Most Popular... This Week • Last 30 Days • Ever
Today, we take a closer look at home insurance.... read »
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
A new report shows that apartment rents rose ever so slightly in DC over the last yea... read »
UrbanTurf is taking its semi-regular look at the areas around DC that have seen the h... read »
Crescent Communities and the Rockefeller Group have submitted a site plan application... read »
- A Look at What is Covered By Home Insurance
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- A Snapshot Of Apartment Rents Across The DC Area
- The 5 Zip Codes in the Maryland Suburbs With the Highest Home Price Appreciation in 2024
- 530-Unit Development Pitched For Hotel Pentagon Site Moves Forward
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro