Are you deciding whether you should buy now or wait? You look at your friends and siblings, or maybe your children and their friends, and many are buying their own homes. So why are you waiting? Here is a breakdown of what it will cost you if you wait. This is based upon a home with a mortgage of $300,000.
Today’s interest rate for a 30 year mortgage averages 3.83%. The monthly payment, including principle and interest without taxes and insurance would be $1403. Experts are predicting the interest rate in one year will be about 4.4%. The cost of the home will probably have risen about 5% in one year. That would make the mortgage amount $315,000. The monthly payment would, in one year, be $1577.40.
If you wait one year to buy, your mortgage payment would be $174.40 per month.
That would be $2092.80 per year.
And after 30 years, you would spend an additional $62,784 on mortgage payments.
Now, we realize that there is more to buying a home of your own than financial reasons. But if the finances are important to you, then you really should act. And you should act now. Every month you wait will cost you more.
We have reached the end. This is where we tell you that you should call your Realtors, Bunny and Art Reiman. We can be reached at 732-616-6226. Or you can visit our web sites, www.BunnyandArt.com www.55PlusInOcean.com www.55PlusinMonmouth.com , to begin your search for your new home.