There has been a lot of speculations, worry and talk about interest rates lately. Rates have been at historic lows for several years now. Even though it appears interest rates won't be going up too quickly at this point, I thought this was a pretty good infograph to share concerning the different buying power for different interest rates. See below how monthly payments change with different interest rates.
Note: I don't recommend buying all of those additional toys just because you have additional buying power, but I suppose it helps to get the point across? Although, I highly doubt you can purchase a boat, rv, truck, car, jet ski, motorcyle and bike with $332.70 extra per month....well, anyway...
Higher interest rate, higher payment, lower buying power.
Lower interest rate, lower payment, higher buying power.
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