I put into dollars what your mortgage payment will be at different interest rates.
Interest rates have generally been falling for years. Â Take a look at aÂ five year mortgage interest rate chartÂ @ BankRate.com. Â I did some calculations for you at different interest rates based on a 30 year term. Â Let's assume that you are buying a house for about $350,000, the average price today for a single family house in Medford, and you have financed 80% of that. Â If you borrowed $280,000 five years ago, you would have gotten an interest rate of about 6%. Â That would put your monthly mortgage payment @ $1,679. Â If you borrowed the same amount today, your monthly payment would be $1,337. Â Refinancing that mortgage today would save you about $350 / month.
Monthly Mortgage Payment
Check out myÂ mortgage calculatorÂ that provides you with your monthly payment and monthly estimates for home insurance and tax costs.