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What does a higher interest rate do to your house payment and final cost of the house

Tuesday, November 12, 2013   /   by Veenstra Team

What does a higher interest rate do to your house payment and final cost of the house

Kalamazoo MI Real Estate - November 13, 2013


Check out last Friday's (11-8-13) interest rate at one of our local Kalamazoo credit unions.


15 Year Fixed


3.250% Rate


3.326 APR*


0.0000 Points


That interest rate is still near an all time low! Let us know if you want to take advantage of it and want to look at some houses in the Greater Kalamazoo area so you can find one you want to purchase! This great rate can't last too long!


 


You might like to see a real example of what a higher interest rate does to your monthly payment and the cost of your house over the long term too! According to the bankrate.com calculator...


At an interest rate of 3.25% a $150,000 house will cost approximtely $1054.00 monthly (not including taxes and insurance).


At an interest rate of 4.25% a $150,000 house will cost approximtely $1128.42 monthly (not including taxes and insurance).


At an interest rate of 5.25% a $150,000 house will cost approximtely $1205.82 monthly (not including taxes and insurance).


 


So, at the end of 15 years, if you have an interest rate of 5.25%, you will pay approximately $27,326.00 MORE for your Kalamazoo home than in you had a rate of 3.25%. Give us a call at 269-350-5514 if you have some houses that you would like to preview so you can take advantage of the low interest rates available today! Our home buyer services are completely free and you get to benefit from our experience just like all the other home buyers and sellers that we have helped since 1986. We are ready to help you meet your Kalamazoo real estate goals!


David Veenstra, Kalamazoo and Portage area REALTOR


Jason Veenstra, Kalamazoo and Portage area REALTOR


269-350-5514

Veenstra Team powered by eXp Realty
Serving Greater Kalamazoo
101 W. Big Beaver Rd. Ste 1400
Troy, MI 48084
269-350-5514

Copyright 2019 MichRIC, LLC. All rights reserved.
Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
Copyright 2019 MichRIC, LLC. All rights reserved.