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.
