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Running the Numbers – Is Now the Time to Buy Your Metro Denver Home?
Tuesday, September 14th, 2010 at 9:33am. 1083 Views, 0 Comments.
Sometimes seeing the breakdown of different home purchase options can make the decision easier to follow. It really is all about math and the numbers are right there in black and white if we take but a moment to look.
Have you been thinking of taking advantage of the great pricing and low interest rates, but for some reason are holding off? Maybe this will help bring some clarity to the situation.
- You may currently be in a $250,000 mortgage with a 6% interest rate which has a principal and interest payment of appx $1500.
- That same $1500 payment at today’s rates of 4.5% will cover a payment on a $300,000 30 year mortgage.
This means $50,000 more in purchasing power without any principal and interest payment increase.
- Let’s say your mortgage is…