Mortgage Interest Rates are on the rise. Whether there will be slow and steady increases in the interest rates or fast and dramatic increases remains to be seen. The KCM Blog offers this chart today on their new post site depicting examples of how the interest rate changes will affect the actual mortgage payment. This chart does not include real estate taxes and homeowner's insurance. Taxes and Insurance should be added to the mortgage payment of interest and principal to obtain the true monthly cost of owning the home.
I hope you find this chart informative.
If you are ready to buy or sell a home or just want to discuss your options, call me today. I am never too busy to discuss the largest financial investment you will make!