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Updated over 7 years ago,

User Stats

23
Posts
8
Votes
Jeremiah Lee
  • Investor
  • San Luis Obispo, CA
8
Votes |
23
Posts

Interest rate comparisons, which is best way to go?

Jeremiah Lee
  • Investor
  • San Luis Obispo, CA
Posted

If I were purchasing a SFH as my first investment property outside of my primary mortgage, Is one of these options clearly a better way to go? Assume if I only put down 20%, i'd use the remaining cash to save towards my next investment home.

Sale Price: $120,000

30 yr fixed

Option A

Interest rate: 4.5%

Down Payment: $30,000 or 25%

Total Cash Required: $34,967

Option B

Interest rate: 4.625%

Down Payment: $30,000

Total Cash Required: $34,517

Option C

Interest rate: 4.875%

Down Payment $24,000 or 20%

Total Cash Required: $28,751

Also, is shopping around the only way to determine if your getting a fair deal?  Thanks!

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