I met with a person who is looking for a home in the $325,000. price range. 7 Short years ago when the interest rates were at 6.5%, if they were to put 20% down and finance the balance over 30 years, the monthly mortgage payment would be $1643.00. Today, with the mortgage rates at a low 4.25%, with 20% down, the monthly mortgage payment would be $1279.00 per month. That's a $364.00 per month saving! Over 30 years time, that's quite a bit of savings!
If a larger home is in your future, the same $1643.00 mortgage payment 5 years ago would equate to financing that larger home, you can do the rest of the math with your available down payment or give me a call and we can discuss what the possibilities for your next home would be!