Which would you rather do – pay more for your mortgage or buy a new car?
It’s amazing what you can save by lowering your mortgage rate by just 1%. The savings pile up so much, you could pay cash for an extremely nice car with 15 years of savings.
Infographic
Take a look at this infographic by Zillow. If you purchased a $300,000 home and put 20% down, and lowered your mortgage rate 1% to 4.5% from 5.5%, here are 4 examples of what you could purchase with the savings:
- With a lower monthly mortgage payment of $147, you could purchase about 40 Grande Lattes every month.
- With the $2,398 in savings over the first year of your loan, you could go on a nice vacation.
- With the $34,211 in savings over 15 years, you could pay cash for a new car.
- With the $$52,794 in saving over 30 years, you could make a 20% down payment on a $264,000 vacation home.
Image by Zillow Mortgage Marketplace
The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.
We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.
Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.
