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What does 1% Mean?

Have you ever wonder what would be the real impact in actual dollars if the interest rates went up by just 1%?  Well here it is at 200K, 400K, and 800K. Sure its $120 to $480 per month difference in monthly payments but the real pain is when you look at the long term effect in how much you pay over time.

With an 800K loan over the full 30 years comparing a 4% loan to a 5% loan the cost is $172,000. Does that mean you should be anxious to buy a new home? Be smart.

 

What does a change of 1% do to your payments?

 

 

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