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Tuesday, August 10, 2010
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If you are going form 6% to 7% interest on a $200,000 loan the monthly payment will go from $1,199 to $1,331 per month or $132 increase! This is $1,578 per month more per year. From 7% to 8% this would increase to $137 per month and $1,643. So it depends on the amount you owe and the interest rate. Your best bet is to talk to your mortgage broker such as TD Canada Trust or MorCan Mortgage to get an accurate amount.
What will 1% increase in interest rates do to my monthly payments? dm
ReplyDeleteIf you are going form 6% to 7% interest on a $200,000 loan the monthly payment will go from $1,199 to $1,331 per month or $132 increase! This is $1,578 per month more per year. From 7% to 8% this would increase to $137 per month and $1,643. So it depends on the amount you owe and the interest rate. Your best bet is to talk to your mortgage broker such as TD Canada Trust or MorCan Mortgage to get an accurate amount.
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