Blog Post Title One

In August 2021, the interest rate on a 30-year fixed-rate mortgage was around 3.00%. Fast-forward 12 months and it’s now about 5.25%. That’s a 75% increase.

Source: Optimal Blue

Lets assume a $750,000 home purchase price and a 20% down payment (that’s $150,000 out of your pocket up-front and $600,000 borrowed from a lender).

How much more are you paying in August 2022 compared to August 2021?

How much did your monthly payment go up?

In August 2021, $600,000 borrowed at a 3.00% mortgage interest rate puts your monthly payment at about $2,500. Using August 2022’s rate of approximately 5.25% , gives you a payment of about $3,300. That’s a $800 or 32% increase in your monthly payment.

How much did your total interest paid go up?