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south central WI | barren - 3/1/2024 05:12
Shouldn't create much of a problem for a majority. Say you roll a $1m loan into a 15 yr fixed, at 4% interest the payment would be $89,900 per year vs $124,000 for a 9% 15 yr fixed. Not an earthshaking increase. If that puts a person in financial trouble they haven't done a good job managing their money in the good times we just had.
Edit to add: Exception to that would be area's of drought, etc.
That's a huge increase, at least for a small to mid sized farm. 34,100 a year, close to $3000 a month, is a sizeable chunk of money. Over the life of the loan it adds up to more than half a million dollars.
Maybe you have that kind of money floating around, if so multiply it by 10 or 20 and then say it's not a big deal. | |
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Doesn't sound good if this is true.
