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Originally Posted by KC Kings
I have $220k financed on 5.5% and the mortage payment is $1100.
However, there is more to your monthly payment than just the mortage like insurance, taxes, etc... Our monthly payment ends up being just over $1500 after you add in all of the escrow payments.
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That's just it; you financed when rates were lower. The average rate today on a 30 year fixed is 6.33%; how that translates:
$200K = $1241.86/month
$225K = $1397.09/month
$250K = $1552.32/month
This is why everyone is calling BS on the $1K/month figure for a $200-250K home.