Mortgage cost today is $1380/mth for every $300k… and sharing high net worth secrets.
Fixed mortgage rates went up this week on the wholesale market. Only about a 0.10% increase… We are still way below 3.00% for 5 yr fixed rates. Hey, that’s pretty good! (watch for the media to blow it out of proportion soon.. they seem to love feeding on negativity).
Thought I’d share some quick numbers.. Did you know that a $300k mortgage will still carry for $1380/mth? And that’s with a 25 yr amortization. If we go to a 30 year amort, the payment drops to $1221/mth.
Let’s increase the mortgage to $400k.. payments are $1840/mth and $1628/mth for a 25 and 30 year amortization, respectively. Hey, these are still incredibly low mortgage rates. Anything under 4.00% should be considered a gift. (I’ll get into what Canada’s wealthy are doing in a few moments) Continue reading “Mortgage cost today is $1380/mth for every $300k… and sharing high net worth secrets.”
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