Zillow created an infographic that puts mortgage rate savings into perspective. They compared a 5.5% interest rate to a lower 4.5% interest rate and calculated the savings on a $300,000 home with a 20% down payment. It may not seem like a boatload of money on a monthly basis, but over the course of 30 years you're talking a huge chunk of change.
Check out what you can get with your savings, according to Zillow.
- Per Month: $147 = 40 grande lattes
- 1st year of your loan: $2,398 = a week-long vacation for a family of four with airfare, hotel and souvenirs
- 15 years: $34,211 = a new car and a year of gas
- 30 years: $52,794 = a 20% down payment on a vacation home worth $264,000
In Philadelphia terms, that translates to:
- Per Month: $147 = 196 soft pretzels
- 1st year of your loan: $2,398 = 252 cheesesteaks
- 15 years: $34,211 = 1 annual tasting menu for 12 at Vetri (alcohol and gratuity included!)
- 30 years: $52,794 = 2 Phillies partial season field-level tickets (with parking!) for 30 years
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