The Payment Shock ($400,000 mortgage renewal impact)
A $400,000 mortgage renewing from the pandemic-era rate of 1.99% to today's 4.5% creates a monthly payment increase of $1,052. Over one year, that's $12,624 more. For the same house.
A $400,000 mortgage renewing from the pandemic-era rate of 1.99% to today's 4.5% creates a monthly payment increase of $1,052. Over one year, that's $12,624 more. For the same house.
