I have been thinking about how incredible the low rates are and decided that it is important to figure out what the true impact these rates have on a mortgage both in monthly payment and the amount of interest you would pay over the life of the loan. As you will see below I have profiled the following buyer scenario:
- Primary residence purchase
- Purchase price of $300,000
- 700 plus credit score
- 5% down
Lynne Haney from Shaefer Mortgage (one of my favorite lenders!) was extremely helpful in providing the numbers you will see below and it is important to understand that rates are changing daily.
When comparing the current rate of 4.25% to the old good rate a few years back of 6.5% you are actually saving at least $400 per month. If you were to stay in your home for the full 30 year term, you would realize a savings of over $150,000!!!! These savings are pretty incredible when you look at it this way and with home prices so low, you just can’t go wrong in taking advantage of the opportunity that’s out there.
30 Year Fixed Conventional – Today’s Market
- Sales Price: $300,000
- Loan Amount: $285,000
- Credit Score: 700
- Rate: 4.250%
- APR: 4.921% (must always state APR when discussing rates, this includes cost of mortgage insurance)
- Payment: $1402.03 principal & interest
- Total Interest: $245,861.64
30 Year Fixed Conventional – Potential future with increased rates
- Sales Price: $300,000
- Loan Amount: $285,000
- Credit Score: 700
- Rate: 6.50%
- APR: 7.321% (must always state APR when discussing rates, this includes cost of mortgage insurance)
- Payment: $1801.39 principal & interest
- Total Interest: $395,927.61
Below are some homes that are for sale in New London. If there are any properties you are interested in or if you would like to discuss buying or selling real estate in the Lake Sunapee Region, please don’t hesitate to give me call 603-252-6428 or shoot me an email dano@colbyinc.com
-Dan
Showing properties
1 - 17 of 17.
See more city of New London real estate.
(all data current as of
2/22/2012)
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$350,000 : 493 Pleasant Street, New London3 beds, 1 full, 1 part baths
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$349,000 : 575 Newport Road, New London3 beds, 2 full, 1 part baths
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$339,000 : 742 Seamans Road, New London3 beds, 2 full baths
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$329,000 : 964 County Rd, New London4 beds, 2 full, 1 part baths
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$299,000 : 37 Old Main Street, New London3 beds, 1 full, 1 part baths
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$299,000 : 108 Sparrowhawk Rd., New London3 beds, 2 full baths
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$299,000 : 139 Pine Hill Road, New London3 beds, 2 full, 1 part baths
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$282,500 : 451 Columbus Avenue, New London3 beds, 1 full, 1 part baths
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$274,999 : 97 Pine Hill Road, New London3 beds, 1 full, 2 part baths
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$274,900 : 243 Fairway Lane, New London3 beds, 2 full baths
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$259,000 : 86 Carter Road, New London3 beds, 1 full, 1 part baths
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$259,000 : MLS # 4021966 in New London4 beds, 2 full, 1 part baths
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$255,000 : 873 Lakeshore Road, New London3 beds, 1 full bath
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$249,900 : 98 Everett Park, New London2 beds, 1 full, 1 part baths
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$249,000 : 196 Forest Acres Road, New London3 beds, 2 full baths
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$249,000 : 88 Wallula Road (infirmary), New London3 beds, 1 part bath
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$248,500 : 70 Pine Hill Road, New London3 beds, 1 full, 2 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
- Sales Price: $300,000
- Loan amount: $285,000
- Credit Score: 700
This IDX solution is (c) Diverse Solutions 2012.
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