Potential Home Buyers: What Price Home Could You Buy for $1000 Monthly Mortgage?
Do you know the impact your interest rate makes? Interest rates have come a long way in the last 30 years. At current interest rates what price home could you buy for a $1000 monthly mortgage payment? The Infographic below illustrates a potential home buyer who wants to keep their mortgage payment around a $1000 a month and how much home they can afford. (Scroll to the bottom of this page to see where homes in this mortgage price range exist)
The Cost of Waiting
CoreLogic predicts a 5.3% appreciation in home prices in the next 12 months. Freddie Mac predicts an increase of a full percentage point in interest rates. The chart below illustrates the impact of a rise in interest rates on the cost of a monthly mortgage payment.
Where to Find Homes for Sale in the Under a $1000 a Month Mortgage Range
*Calculations Based on a 30 year fixed mortgage at 3.43% interest. (Principal & Interest Only) See our mortgage calculator
