The time to buy is now!

WITH INTEREST RATES RISING AND FORECAST TO RISE AGAIN SHORTLY IF YOU ARE INTENDING TO PURCHASE PROPERTY NOW IS THE TIME. 

park slope stock.jpg
 

30 year mortgage rates have jumped 1/2 a percentage point in the last month representing an extra $81,707 over the life of a 30-year fixed mortgage of $800,000 with 20% down.

Interest Rates : how much more you pay

total paid in dollar amounts over 30 year fixed term dependent on % rate
  Data from Gregory Heym, Chief Economist, Brown Harris Stevens. For the full report   click here

Data from Gregory Heym, Chief Economist, Brown Harris Stevens. For the full report click here

Mortgage Repayment Summary borrowing $800,000 on a $1,000,000 purchase with 20% down 30 year fixed at 3.5%. Approx.

Mortgage Repayment Summary borrowing $800,000 on a $1,000,000 purchase 20% down 30 year fixed at 3.5%. Approx. Annual property tax of 2% and $2000.00 per annum home insurance.

Monthly Payment                                              $3,925.63

Loan pay-off date                                              Nov, 2046

Total Interest Paid                                              $493,248.70

Monthly Tax Paid                                               $166.67

Total Tax Paid                                                      $60,000

Monthly Home Insurance                               $166.67

Total Home Insurance                                     $60,000.00

Annual Payment Amount                              $47,108.29

Total of 360 Payments                                  $1,413,248.70

Mortgage Repayment Summary borrowing $800,000 on a $1,000,000 purchase 20% down 30 year fixed at 4%. Approx. Annual property tax of 2% and $2000.00 per annum home insurance.

Monthly Payment                                           $4,152.66

Loan pay-off date                                           Nov, 2046

Total Interest Paid                                          $574,956.05

Monthly Tax Paid                                           $166.67

Total Tax Paid                                                 $60,000.00

Monthly Home Insurance                           $166.67

Total Home Insurance                                 $60,000.00

Annual Payment Amount                          $49,831.87

Total of 360 Payments                              $1,494,956.05

 

Mortgage Repayment Summary borrowing $800,000 on a $1,000,000 purchase 20% down 30 year fixed at 4.5%. Approx. Annual property tax of 2% and $2000.00 per annum home insurance.

Monthly Payment                                      $4,386.82

Loan pay-off date                                      Nov, 2046

Total Interest Paid                                      $659,253.69

Monthly Tax Paid                                       $166.67

Total Tax Paid                                             $60,000.00

Monthly Home Insurance                       $166.67

Total Home Insurance                             $60,000.00

Annual Payment Amount                       $52,641.79

Total of 360 Payments                           $1,579,253.69