BETTER CREDIT SCORE, CHEAPER HOUSE PAYMENT
January 25, 2010 by Jennifer
Filed under Deb & Jen's Blog, FICO score and Credit Report information, Getting a Mortgage, Your Credit Score information
A family put a 3.5% down payment on a $172,900 house with a resulting loan of $166,850. Here is what their bottom line would look like…
| Score | Rate | Monthly Payment | Total Cost |
| 760+ | 4.981% | $893.75 | $326,900 |
| 700-759 | 5.203% | $916.50 | $335,090 |
| 680-699 | 5.380% | $934.83 | $341,689 |
| 660-679 | 5.594% | $957.22 | $349,749 |
| 640-659 | 6.024% | $1002.93 | $366,205 |
| 620-639 | 6.570% | $1062.30 | $387,578 |
Less than 620: it will be tough to get a loan.
Difference between the top score and the bottom one? Over $60,000 in real savings.
