Thursday, December 25, 2014

Infographic: What 1% will save you on your mortgage (Philly edition)

Zillow 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.

Infographic: What 1% will save you on your mortgage (Philly edition)

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:

Image by Zillow Mortgage Marketplace

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