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Easy Mortgage Payment Chart.

Terrific post by Colin Robertson at TheTruthAboutMortgage.com

Use This Mortgage Payment Chart to Easily Compare Rates

 

Now that mortgage rates have gone absolutely haywire, I decided it would be prudent (and helpful) to create a “mortgage payment chart” that details the difference in monthly payment across a variety of interest rates.

So if you were quoted a rate of 3.5% on your 30-year fixed mortgage two weeks ago, but have now been told the rate is closer to 4%, you can see what the difference in monthly payment might be, depending on your loan amount.

Mortgage Payment Chart

Click to enlarge

My first chart highlights monthly payments at different rates for 30-year mortgages, with loan amounts ranging from $100,000 to $1 million.

I went with a bottom of 3.5%, seeing that mortgage rates were around that level about a month ago, and probably won’t return there (EVER).

However, there is the possibility that rates could drift back in that direction. And one might be able to buy their rate down to around that price, assuming they want an even lower rate.

For the high-end, I set interest rates at 6%, which is where 30-year fixed mortgage rates were for many years leading up to the mortgage crisis. With any luck they won’t return there anytime soon…

Of course, they could rise even higher over time, but hopefully rates won’t climb back to the double-digits last seen in February 1990.

That fear aside, this mortgage payment chart should give you a quick idea of the difference in payment across a range of interest rates and loan amounts, which should save some time fooling around with amortgage calculator.

Below is a mortgage payment chart for 15-year fixed mortgages, which are also quite popular.  I used a floor of 3% and a max rate of 5.50%.  Again, rates can and will probably climb higher, just hopefully not anytime soon.

15 Year Fixed Mortgage Payment Chart

Click to enlarge

For the record, you can obtain mortgage rates at every eighth of a percent, so it’s also possible to get a rate of 3.625%, 3.875%, 4.125%, 4.375%, and so on.

Tip: The lower the interest rate, the smaller the difference in monthly payment. As rates move higher, the difference in payment becomes more substantial.

On a $500,000 loan amount, the monthly payment difference between a rate of 3.5% and 3.75% is $70.36, compared to a difference of $77.93 for a rate of 5.25% vs. 5.5%.

Additionally, higher mortgage rates are more damaging to larger loan amounts. If you look at the 30-year chart, the payment on a $400,000 loan amount at 3.50% is cheaper than the payment on a $300,000 loan at 6%.

Lastly, note that my mortgage payment graph only lists the principal and interest portion of the mortgage payment.  You may also be subject to paying mortgage insurance and/or impounds each month. Property taxes and homeowner’s insurance are also NOT included.

You’ll probably look at this chart and say, “Hey, I can get a much bigger mortgage than I thought.”  But beware, once all the other costs are factored in, your DTI ratio will probably come under attack, so tread cautiously.

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What $560K Gets You.

What $560,000 buys you in Boston’s Back Bay, the South End and in Provincetown.

298 Commonwealth Ave, Tandem pkg space, sold $560K
298 Commonwealth Ave, Tandem pkg space, sold $560K

$560,000 buys you a tandem parking space in Boston’s Back Bay.  This was all the news this past week.  You can just imagine what people in the Midwest, or really anywhere else thought when they saw this story.  That Bostonians are Bonkers? Well…everything is relative.  Someone wanted these tandem spots pretty badly, and they could afford $560,000 to buy them

 

 

 

 

 

54 W Vine St #A, asking $569K, 2B/3B, 1,248 sf
54 W Vine St #A, asking $569K, 2B/3B, 1,248 sf

54 W Vine Street #A in Provincetown’s West End is a wonderful 2 bedroom, 3 bathroom condo with parking.  It just went under contract with an asking price of $569K. This is the 3rd condo that has sold in the last 18 months in this very well run and attractive complex. This condo represents the best of the mid-market in town.

 

 

 

 

 

 

691 Mass Ave, #208, asking $570K. 1B/1B, 909 sf
691 Mass Ave, #208, asking $570K. 1B/1B, 909 sf

 

691 Massachusetts Ave is a one bedroom, one bath condo with an asking price of $570K. 691 Massachusetts Avenue is a newer condo building in Boston’s South End.

 

We all know that $560K for a parking space in the Back Bay is news. Parking is a rare commodity in the Back Bay and it certainly creates a new ceiling for parking space prices in Back Bay but doesn’t mean much for the market in general…other than adding a bit more confidence to the already very hot market.

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Tipping Point?

Interesting post by Scott.

“Tipping point” for housing market?

Posted by Scott Van Voorhis  June 12, 2013 08:22 AM

South End Heli ShotOK, when Realtors start talking about the market reaching a “tipping point,” it can only be bad news for buyers worried about soaring prices.

It means things are starting to get a little crazy.

As we head into summer, sales activity is soaring, with buyers spooked by rising rates and the prospect of more price hikes ahead.

 

 

More than 9,000 homes across Massachusetts were put under agreement this May, an 83 percent jump from May 2012, the Massachusetts Association of Realtors reports.

Pending sales of condos rose more than 63 percent in May, to 3,469.

Both increases where the highest recorded since MAR began tracking pending sales in 2004.

Here’s what President Kimberly Allard-Moccia, president of the local Realtors group, had to say.

“May was a tipping point as increasing prices and interest rates pushed qualified buyers to make offers that sellers accepted in great numbers,’ said Allard-Moccia, broker-owner of Century 21 Professionals in Braintree, in a press statement.

“However, we still need more homes on the market and hopefully this activity will spark potential sellers to list their homes to help meet the demand,” she added.

Tipping point?

 

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Pending home sales jump 10.3% in one year.

Great national market recap from Tara Steele at Agent Genius.

by 

Pending home sales continue to rise.

9 Telegraph Hill. List price $2.295M Pending.
9 Telegraph Hill. List price $2.295M Pending.

Although pending home sales improved only 0.3 percent in April, according to the National Association of Realtors, contract signings actually rose 10.3 percent compared to April 2012. Pending sales have now been above year-ago levels for the past 24 months, marking a very slow but somewhat sure recovery for housing.

Regional pending home sales varied, as the Northeast and Midwest saw improvement, while the South and West both dropped. NAR reports that home contract activity is at the highest level since April 2010, immediately before the deadline for the home buyer tax credit which spurred a metaphorical gold rush on homes.

Existing home sales expected to rise to 5M

Dr. Lawrence Yun, NAR’s chief economist said, “The housing market continues to squeak out gains from already very positive conditions. Pending contracts so far this year easily correspond to higher closed home sales in 2013. Total existing-home sales are expected to rise just over 7 percent to about 5 million this year.”

“Because of inventory shortages, higher home sales will push up home values to the highest level in five years,” Dr. Yun added. NAR says the national median existing-home price should increase close to 8.0 percent and exceed $190,000 in 2013.

Sales varied according to region

Home contract activity rose 11.5 percent in the Northeast, marking a 17.7 percent increase from April 2012 and jumped 3.2 percent for the month in the Midwest, and a whopping 15.1 percent for the year.

Meanwhile, pending home sales slid 1.1 percent in the South, but rose 12.3 percent compared to April 2012. The tough spot is currently the West region which saw a 7.6 percent dip in signed contracts, pulling the region down 2.6 percent for the year.

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Mid-Market In Provincetown

The mid-market in Provincetown is the $400K to $800K price range.  This segment represented 45% of total sales in 2012…46% of condo sales of 166 and 39% of single family sales of 52…in other words it is where the action is. Below are 3 condos and 3 single family properties that sold in 2012. 40 Pleasant is a beautifully  renovated 2 bedroom condo in a 3 unit complex with wonderful outside space. 389 Commercial is a very special 1,384 square foot waterfront condo with vaulted ceilings and a huge  deck. 14 Meadow is a free standing condo that lives like a single family home. 3 distinctly different properties in the mid priced segment.

40 Pleasant St. 2/1, $500K
40 Pleasant St. 2/1, $500K
389 Commercial St.#6, 2/1, $575K
389 Commercial St.#6, 2/1, $575K
14 Meadow Rd. #16, $695K
14 Meadow Rd. #16, $695K

 

 

 

 

 

 

 

9 Center St. SF, 3/2, $650K
9 Center St.  SF,  3/2, $650K
290 Bradford St. 2/1, $490K
290 Bradford St. SF 2/1, $490K
8 Priscilla Alden 2/2, $800K
8 Priscilla Alden SF 2/2, $800K

 

 

 

 

 

 

 

 

Currently there are 56 properties on the market priced between $400K and $800K representing 33% of the total condo and single family properties available of 155. 

10 Washington St is a 3 bed 4 bath condo with 1,175 square feet.  145 Commercial St is in a beachfront complex in the West End. My favorite on market condo is  15 Cottage St. #9 on the pool at the Kensington Gardens complex. 1,710 sf, 3 bedrooms, separate dining room, chefs kitchen and 3 bedrooms for $594K.

The 3 single family’s shown represent some great values. 70 Race Point Rd is a 4 bedroom, 4 bath house with 2,736 square feet. 11 Willow Drive is s brand new 3 bedroom 3 bath house with 2,234 square feet . 1 Railroad Ave is a Provincetown gem and a value at $469K.

condos:

10 Washington St. 3/4, $709K
10 Washington St. 3/4, $709K
15 Cottage St #9, $594K
15 Cottage St #9, $594K
145 Commercial St #M3, $439K
145 Commercial St #M3, $439K

 

 

 

 

 

 

 

Some single family properties;

70 Race Point Rd. 4/4, $668k
70 Race Point Rd. SF, 4/4, $668k
11 Willow Dr. 3/3, $769K
11 Willow Dr. SF, 3/3, $769K
1 Railroad Ave. 2/3, $469K
1 Railroad Ave. SF,  2/3, $469K

 

 

 

 

 

 

 

 

Year to date 20 properties have sold between $400K and $800K, 11 condos and 9 single families. This represents 33% of the total sold of 60. As you can see a perfectly symmetrical market dynamic.  33% of inventory and 33% of sales.

Below are a few of these sold properties. 50 Harry Kemp Way is a spacious townhouse style 2 bedroom condo in an well established condo complex. 381 Commercial is a beachfront condo in the East End and 61  Harry Kemp Way is a magnificent new construction single family home finished with the highest quality finishes.

 

50 Harry Kemp Way, 2/2, $500K
50 Harry Kemp Way #3, 2/2, $500K
381 Commercial St. 2/2, $485K
381 Commercial St. #9,  2/2, $485K
21 Court St #4, 1/1, $435K
21 Court St #4, 1/1, $435K

 

 

 

 

 

 

 

262 Bradford St. SF, 3/2, $467K
262 Bradford St. SF, 3/2, $467K
8 Thistlemore Way, SF, 3/3, $600K
8 Thistlemore Way, SF, 3/3, $600K
61 Harry Kemp Way, 2/3, $781K
61 Harry Kemp Way, 2/3, $781K

 

 

 

 

 

 

 

 

What do these facts and figures tell you about the mid-market here in Provincetown? That it is the most active important segment in the market.  That in 2012 it was almost half of all sales in the market with the average condo in this segment selling for $539K, with 2 bedrooms, and 2 baths and 1,122 square feet. The average single family home sold for $621K, had 3 bedrooms and 2 baths and was 1,705 square feet.  As you can see from the assortment of properties shown above, the diversity of style, type, location and price in this segment is surprisingly diverse. I’ll keep reporting on interesting developments in the mid market and let you know my favorites as new properties come available.

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Rising Rates!

interesting post on rising rates from Scott at Boston.com

Will rising rates spur panic buying?

Posted by Scott Van Voorhis

But before the chill sets in, sales could very well go into overdrive as buyers seek to lock in rock-bottom rates before they are gone.

Interest rates have just topped 4 percent. OK, that’s still incredibly low, but up sharply from 3.4 percent at the beginning of May.

If you doubt the power of the herd mentality to drive sales and prices in the real estate market, just recall what happened back during the nutty spring of 2010 as the expiration of the home buyer tax credit loomed.

Buyers bid up prices on homes in a scramble to grab the seemingly free government money before the offer expired, often negating the value of the $8,000 credit.

Could we see some panic buying over the summer if rates keep pushing up?

Don’t bet against it.

That said, in the longer term, higher rates could put a chill on sales, especially in high-priced markets like Greater Boston, or so says Lawrence Yun, chief economist for the National Association of Realtors.

OK, NAR is not exactly the first place I look for candid insight, but I thought Yun’s observations in this Forbes piece were worth looking at.

“In Middle America I don’t see much impact since homes are so affordable,” explains Yun. “The more expensive coastal regions is where one will begin to feel the first decline or impact.” He suspects that California metro areas and east coast hubs like Boston, New York, and Washington D.C. could begin to experience slackening sales because low-interest monthly mortgage payments in these relatively pricier places have helped make homes seem more affordable to more buyers despite the fact that relative to income, principal amounts are still expensive.

Are you ready to hit the panic button? Ready to buy now and ask questions later before rates go higher?

 

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Vacation Hotspots

Fun post by Scott from Boston.com Real Estate

HomeImage-Aerial_Provincetown

Posted by Scott Van Voorhis

Ever wonder where your neighbors are headed on vacation? If you live in Greater Boston, it’s a good bet they aren’t headed very far.

Trulia today is releasing its list of the top vacation home destinations for each major metro market, as well as nationally, based on a tally of searches on the real estate portal.

Of the top ten most popular vacation home destinations for buyers from Greater Boston, nine are on Cape Cod.

In fact, the only break from the pattern is Wells, Maine. Sorry New Hampshire, Vermont and Rhode Island, you are out of luck.

Let’s not get big heads here, though. Sure, we love the Cape, though I’d argue traffic and overdevelopment is close to wrecking the place. Just get off Route 6 in Hyannis and take a scenic drive down Route 28.

But the rest of America is not so enamored with our favorite vacation playground.

Only one Massachusetts zip code managed to make it onto Trulia’s list of the top 20 vacation home destinations across the country.

And that happens to be Nantucket, which ranks at a distant No. 20 in popularity.

The most popular vacation home destination in America, at least according to Trulia, is not Chatham or Provincetown, but rather Cape May in New Jersey, and specifically, Oceanwood, where the median price is $525,000.

Here’s Trulia list:

Where Bostonians Search for Vacation Homes

# ZIP Code Town    State         Median Asking Price
1 02649 Mashpee  MA             $419,900
2 02639 Dennisport MA            $224,900
3 02540 Falmouth MA              $549,950
4 02554 Nantucket MA             $1,799,999
5 02536 Teaticket   MA             $379,000
6 02633 South Chatham MA     $815,000
7 02657 Provincetown MA         $596,500
8 02631 Brewster MA               $439,000
9 02642 Eastham MA               $445,750
10 04090 Wells ME                  $256,670

 

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Home Values Rise In Boston Area

Great Case-Shiller chart illustrating the 2005 peak and where we are now.

Home values rise in the Boston area

Region’s prices less than 15% below peak; national numbers also show increase

By Jenifer B. McKimGLOBE STAFF

Home values in the Boston area increased by 6.7 percent in March compared with the same time last year, according to data released Tuesday by the S&P/Case-Shiller Home Price Indices, another indicator of a rejuvenated housing market.

Nationwide, home prices increased 10.9 percent compared with March 2012, according to Case-Shiller, and values increased in all 20 metro areas measured by the firm. Because Case-Shiller measures repeat homes sales, it is considered one of the best markers of the nation’s housing health.

“Other housing market data reported in recent weeks confirm these strong trends: Housing starts and permits, sales of new homes and existing homes continue to trend higher,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices.

<br /><br /><br /><br /><br /><br />

The increase in the Boston area was less dramatic than in other regions that were harder hit by the housing downfall. Between 2005 and 2009, home prices in the Boston region dropped about 20 percent, but the market has generally been more stable than the nation as a whole. Since 2009, area home values have fluctuated and now are less than 15 percent below their September 2005 peak.

Barry Bluestone, director of the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, expects steady but moderate price increases for single-family homes in the Boston area over the next few years, as more people put their homes on the market. Bluestone said he expects prices for multifamily homes and condominiums to rise even faster. “Older baby boomers are going to look to downsize and younger professionals will be less interested in moving into the suburbs and having to put up with long, tedious commutes,” he said.

Jenifer B. McKim can be reached at [email protected]. Follow her on Twitter@jbmckim.

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Mass Home Prices Jump 14%

 

Mass. home prices jump 14%

By Jenifer B. McKim

MAY 29, 2013

 

The median price for single-family homes in Massachusetts rose to $313,000 in April, a near 14 percent increase compared to the same time last year as increased buyer demand and a tight housing inventory pushed up home values, new data released Wednesday shows.

April marked the seventh month in a row of rising home prices, according to the Warren Group, a Boston company that tracks local real estate. Between January and April, the median selling price climbed to $294,000, an 11 percent jump compared to the same time last year, according to Warren.

The steep price increase comes as home sales decline. Single-family home sales dropped to 3,504 in April, about 1 percent less than the same time in 2012.

”There is high demand and low inventory this spring, which is causing this pattern of rising prices and dropping sales volume,” said Timothy M. Warren Jr., chief executive of The Warren Group. “Low mortgage rates and steady home values are helping buoy consumer confidence.”

Tight inventory, however, did not hinder sales of condominiums, which climbed more than 8 percent in April compared to the same time last year, the Warren Group reported. Median prices for condos rose to $280,000, a near 1 percent jump compared to April, 2012.

Housing specialists worry that if more sellers don’t come to the table, the housing market could sputter. Inventory of single-family homes in April fell 27.1 percent compared to the same time last year, according to the Massachusetts Association of Realtors, which also released data Wednesday. The number of condos for sale fell 32.4 percent last month, compared to the same time last year.

Providing some relief, new listings for both condos and single-family homes rose in the double digits in April.

“With home prices improving, sellers are finally gaining the confidence they need to list their home,” said association president Kimberly Allard-Moccia, owner of Century 21 Professionals in Braintree. “This should help move us closer to a more balanced market.”

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$1M Plus Market In Provincetown. A Spring Preview

The $1,000,000 market in Provincetown is solid and active. In 2012 16 properties sold above $1M, 15 single family homes and 1 condo. These represent 7% of the total 218 condos and single family homes sold in 2012. As you can see below, these range in style, size and of course location. The average sales price was $1.575M, had 4 bedrooms and 3.25 baths with 2,250 square feet of living space. (6 of these properties are shown below.)

 

5 Telegraph Hill $1.15M
5 Telegraph Hill $2.15M
781 Commercial St $2.275M
781 Commercial St $2.275M
6 Winston Ave $1.8M
6 Winston Ave $1.8M

 

 

 

 

 

 

 

3 Atlantic Ave $1.065M
3 Atlantic Ave $1.065M
29 Commercial St $2.925M
29 Commercial St $2.925M
79 Commercial St $1.55M
79 Commercial St $1.55M

 

 

 

 

 

 

 

There are currently 157 condos and single family homes on the market, 31 of which are priced at $1M +, representing 23% of the available inventory. The average property above $1M is  asking $1.869M, has 4 bedrooms and 4.5 baths, with 2,763 square feet of living space. Of these available properties 32 are single family homes and 4 are condos. (6 of those properties are shown below)

58 Franklin St $1.059M
58 Franklin St $1.059M
29 Tremont St $1.195M
29 Tremont St $1.195M
8 Telegraph HIll $3.195M
8 Telegraph HIll $3.195M

 

 

 

 

 

 

 

10 R Commercial St 1.995M
10 R Commercial St 1.995M
21 Bradford St Ext #16 $1.249M
21 Bradford St Ext #16 $1.249M
75 Franklin St $1.349M
75 Franklin St $1.349M

 

 

 

 

 

 

 

 

2013 looks to be as strong or stronger. So far 7 properties have sold, 6 single family homes and 1 condo, and 4 properties are currently under contract. Considering the strong summer fall selling season is still to come this is good news for the $1M + market. (6 of the 7 properties that have sold so far this year are shown below)

 

7 Miller Hill $1.2M
7 Miller Hill $1.2M
13 Pilgrim Hts Rd $1.235M
13 Pilgrim Hts Rd $1.235M
7 Pleasant St $1.024M
7 Pleasant St $1.045M

 

 

 

 

 

 

 

53 Harry Kemp Way $1.075M
53 Harry Kemp Way $1.075M
9 Creek Rnd Hill $1.6M
9 Creek Rnd Hill $1.6M
572 Commercial St $2.265M
572 Commercial St $2.265M

 

 

 

 

 

 

 

In many markets the “high-end” or above $1M market is the most visible market. The same is true here in Provincetown. The trophy homes, the big waterfront properties, the East End and West End compounds all draw interest and gossip. But interestingly enough many of these homes are wonderful family and year round properties, very accessible and in fact well priced for the amount of house you get.

The interesting numbers are 7% and 23%. While available properties for sale above $1M represent 23% of the total, only 7% of the properties sold in 2012 were sold above $1M. what does this mean? That while the $1M + market is viable and strong, lots of properties do take a while to sell. We need to remember that the second home market in whatever price point we are talking about is not as fast paced and dramatic as the primary home market. For many this means a more relaxed buying and selling process for others it is frustrating.  Where do you fit?