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How Much Interest
Do You Really Pay?
Less Than You Think!
People sometimes hesitate to buy real estate because of escalating interest rates. Many of them do not understand that the actual cost of a rate increase. It is not as great as it may appear on the surface.
The appreciation in value of real property may compensate for the higher loan costs, but the chief benefit to most purchasers is that interest paid is tax deductible. The accompanying chart indicates the approximate net cost, after taxes, of interest for persons in various taxable income brackets filing a joint return.
"Let's Wait" may be the most expensive words you ever say.
Joint Return Taxable Income - After-Tax Cost Of Interest Paid
| Loan Interest Rate |
$34,000 or less |
$34,001 to $82,150 |
over $82,150 |
| 7.00% | 5.95% | 5.04% | 4.83% |
| 7.25% | 6.16% | 5.22% | 5.00% |
| 7.50% | 6.38% | 5.40% | 5.18% |
| 7.75% | 6.59% | 5.58% | 5.35% |
| 8.00% | 6.80% | 5.76% | 5.52% |
| 8.25% | 7.01% | 5.94% | 5.69% |
| 8.50% | 7.23% | 6.12% | 5.87% |
| 8.75% | 7.44% | 6.30% | 6.04% |
| 9.00% | 7.65% | 6.48% | 6.21% |
| 9.25% | 7.86% | 6.66% | 6.38% |
| 9.50% | 8.08% | 6.84% | 6.56% |
| 9.75% | 8.29% | 7.02% | 6.73% |
| 10.00% | 8.50% | 7.20% | 6.90% |
| 10.25% | 8.71% | 7.38% | 7.07% |
| 10.50% | 8.93% | 7.56% | 7.25% |
| 10.75% | 9.14% | 7.74% | 7.42% |
| 11.00% | 9.35% | 7.92% | 7.59% |
| 11.25% | 9.56% | 8.10% | 7.76% |
| 11.50% | 9.78% | 8.28% | 7.94% |
| 11.75% | 9.99% | 8.46% | 8.11% |
| 12.00% | 10.20% | 8.64% | 8.28% |
| 12.25% | 10.41% | 8.82% | 8.45% |
| 12.50% | 10.63% | 9.00% | 8.63% |
| 12.75% | 10.84% | 9.18% | 8.80% |
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"Our Loan Officer and Loan Processor were great to work with, they were pleasant and helpful" - Mr. & Mrs. Pulliam
"The staff went up and above any of our expectations. Explaining everything step by step, very professional and helpful" - Dale Gohn & Kristie Tickle
"As a first time home buyer I was very unclear on what was involved in applying for a mortgage and what points and closing costs really were. Grand Oak Mortgage Company took the time to explain and educate me and my wife on the entire mortgage process" - Mr. & Mrs. Zlotnik
"Thank You Grand Oak Mortgage, my loan experience was all that you said it would be, fast and hassle-free" - Mr. & Mrs. Babcock
"Grand Oak Mortgage was great to deal with. Everytime, I spoke with them they were very upbeat and happy. It was a real pleasure dealing with such a great staff. They were very patient with me even when they had to explain things to me twice" - Mr. Passalacqua
"My Loan Officer was very helpful and all for us, she gave us insight into the ins and outs of the business" - Mr. & Mrs. Gonzalez
"Grand Oak Mortgage was very helpful, we want to thank them for getting us in our house. Very good company, who cares about their clients" - Mr. Zak
"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
"The staff went up and above any of our expectations. Explaining everything step by step, very professional and helpful" - Dale Gohn & Kristie Tickle
"As a first time home buyer I was very unclear on what was involved in applying for a mortgage and what points and closing costs really were. Grand Oak Mortgage Company took the time to explain and educate me and my wife on the entire mortgage process" - Mr. & Mrs. Zlotnik
"Thank You Grand Oak Mortgage, my loan experience was all that you said it would be, fast and hassle-free" - Mr. & Mrs. Babcock
"Grand Oak Mortgage was great to deal with. Everytime, I spoke with them they were very upbeat and happy. It was a real pleasure dealing with such a great staff. They were very patient with me even when they had to explain things to me twice" - Mr. Passalacqua
"My Loan Officer was very helpful and all for us, she gave us insight into the ins and outs of the business" - Mr. & Mrs. Gonzalez
"Grand Oak Mortgage was very helpful, we want to thank them for getting us in our house. Very good company, who cares about their clients" - Mr. Zak
"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
*We are proud to announce that all of our Loan Officers are S.A.F.E. act compliant.
