Quick Tip To Easily Adjust Mortgage Payments In Your Head

How can you easily adjust mortgage payments in your head with the 550 Rule? This quick tip also works with valuing HOA payments with loan amounts. This is a super easy hack, for every $100,000 in the purchase price, adjust your payment $550. For every $550 in payment, adjust your loan amount to the purchase price of $100,000. So easy math, if you are going to raise your offer by $50,000, that's 50% of $100,000, which means your payment will rise around 50% to $550 which is $275.