According to Freddie Mac’s latest report, the average on a 30-year fixed mortgage fell to 3.53 percent. This is ANOTHER record low for mortgage rates!!!
Translation for the 30-year fixed rate, This means for every $100,000 borrowed at this rate (3.53 percent) that would be about $353.00/mo. in a principle and interest payment.
For every Million dollars borrowed that would be $3,530/mo. for principle and interest payment.
After the tax deductions that would cut about 20 to 30 percent off of that, and estimate a net payment of about $250/mo. net for $100,000 borrowed, and about $2,500/mo. net for every million dollars borrowed.
You’ll have to add in taxes and insurance which will depend on the area you’re investing, and your tax bracket.
Check out The Cribline House Pick of the Week to see how owning a home can often cost much less than renting!
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Happy House Hunting!