With interest rate hiked up from below 3% to 7% in 2024, is it cheaper to buy a house or rent a house? The answer lies in a few factors, and some factors are not quantifiable such as the feeling of owning your own home or the feeling of settling down. But, there are some
In this article, I will share how interest rate impacts your mortgage payment with a couple of examples. Annual Int Rate House Price Down Payment Total payment to the bank Interest Payment Principle Payment 7% $500,000 $100,000 $958,036 $558,036 $400,000.00 3% $500,000 $100,000 $607,110 $207,110 $400,000.00 So, basically everything else being equal, the only difference
