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That same
2) Interest rates Myth A $300,000
$300,000
mortgage with a
will rise as the economy The rise of a few interest points
won’t have a significant effect.
4.5% interest rate = mortgage with a
6.5% interest rate =
$1,520 monthly
strengthens. Truth payment $1,896 monthly
Less than a 2% rise in interest payment
rates means you could pay
Bottom Line: You’ll save $4,512 a year;
$4,512 more per year
$22,560 over 5 years; $45,120 over 10
on a 30-year mortgage.
years; $135,360 over 30 years