Buying a House: The Cost If You Waited

Jul 20th, 2013 | By | Category: Market Update

notimeWe often talk about the potential cost of waiting to buy a home. Today, we want to look at the actual cost for someone who waited over the last year. We used a 10% increase in house values as prices have gone up by double digits in the country on average. We looked at approximate mortgage rates last year compared to this year. Here is the impact on a monthly mortgage payment (principal and interest). Keep in mind that this is a MONTHLY cost difference:

Total Sahuarita (85629) + Los Arroyos

Date Price Interest rate P & I
Last Year $200,000 3.5% $898.09
This Year $220,000 4.5% $1,114.71
Difference in Payment - $216,62

Leave a Comment