Buying A Home
Home Mortgage Interest Rate vs. Purchase Price
Did you know that the interest rate on home loans rose to over 18% in the 1980s? That means that the monthly payments on a $100,000 home (assuming a $20k down payment) would have been over $1,200 a month, leading to a whopping total payment of roughly $450,000 over the span of a 30-year mortgage (including the $20k down payment). Compare that to the home mortgage interest rates we’re seeing of late – much closer to 3%. That same $100,000 home with a 3% interest rate would lead to a monthly payment of just $340 or so. Over the span
