Example of how interest rate increases affect monthly payments

[Robert Adams]

Below is an example of how interest rate increases would affect your monthly payments at 4% vs 6% vs 8% vs 10% interest if you bought a $400,000 home and put a down payment of 3.5% ($14,000) with a loan amount of $386,000.

4% interest - 30 year principal & interest payment = $1,842.82
6% interest - 30 year principal & interest payment = $2,314.27
8% interest - 30 year principal & interest payment = $2,832.33
10% interest - 30 year principal & interest payment = $3,387.43