The following is a guest post from Nick Pakulla, a loan officer with Talmer Bancorp, Inc. at First Place Bank:
With mortgage rates still near all-time lows and predictions that rates will continue edging up in 2014 and beyond, there are significant long-term interest savings for anyone in the market now!
There are no tricks hidden in the numbers, they speak for themselves and the chart below shows just how treated we are:
Rates are currently around 4.13% on 30 year fixed mortgages. How does this compare to recent haunting rates of the past?
$400,000 Loan at 4.125% (where we are now):
- Monthly Mortgage Payment: $1,940
- Interest paid over 10 years: $149,000
- Interest paid over 30 years: $298,000
$400,000 Loan at 6.0% (~2003-2008):
- Monthly Mortgage Payment: $2,400
- Interest paid over 10 years: $223,000
- Interest paid over 30 years: $463,000
$400,000 Loan at 8.0% (~1991-2000):
- Monthly Mortgage Payment: $2,940
- Interest paid over 10 years: $303,000
- Interest paid over 30 years: $657,000
In the 80’s rates ranged from 10-18%!! We don’t want to scare you too much so we’ll save those calculations for another time.
Wishing you and your family a safe and HAPPY HALLOWEEN!
Nick Pakulla
Loan Officer
Talmer Bancorp, Inc. at First Place Bank
15400 Calhoun Drive Suite 170, Rockville, MD 20855
Direct: 301.585.RATE (7283) | Cell: 443.956.8774 | Fax: 301.560.6303
NMLS# 728211 | Email: NPakulla@fpfc.net
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