Tuesday, April 16, 2013

Rates Changed, How Much Does the Payment Change?


Mortgage interest rates change in 1/8th point increments.  For example, the different rates between 3% and 4% would be 3%, 3.125%, 3.25%, 3.375%, 3.5%, 3.625%, 3.75%, 3.875%, and 4.0%. 

When rates change, the payment obviously changes, but by how much?

Here is a good guide for various loan amounts.

For a $100,000 loan, the payment will change by about $7.50 for every 1/8th point change in interest rate.

For a $200,000 loan, the payment will change by about $15 for every 1/8th point change in interest rate.

For a $300,000 loan, the payment will change by about $23 for every 1/8th point change in interest rate.

For a $400,000 loan, the payment will change by about $30 for every 1/8th point change in interest rate.


Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

Make sure you check out our web site:



By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

No comments: