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See the Savings Example Below in Action!!
Imagine securing a $625,000 mortgage with a 6.00% APR, your estimated monthly principal and interest payment on a 30-year loan would be $4,432.61 (excluding taxes, insurance, PMI, and HOA fees).
Now, let’s consider the impact of assuming a lower interest rate mortgage. Each 0.25% reduction in interest rate reduces your monthly payment, leading to substantial savings over time. For example, if you assume a mortgage with a 2.50% APR, your estimated monthly payment will drop to $3,154.92—saving you $1,277.69 every month!
Here’s a glimpse at just how substantial your savings could be!
- Monthly Savings: $1,277.69
- Annual Savings: $15,332.28
- Lifetime Savings: $459,968.40
Each 0.25% reduction in interest rate adds up, making a meaningful difference in your financial journey. These savings can be redirected towards property taxes, insurance, or other expenses, providing you with greater financial freedom and stability.
Big Savings—Monthly, Annually, and Over the Life of the Loan!
With such a low interest rate, you may never need to refinance again.
Copyright Ivana V.
