No doubt “Back to the Future” geeks gawk at Marty McFly’s California home.
For proof, do a search on YouTube and a bunch of videos pop up that were posted by fans visiting the house.
In honor of the day “the future has finally arrived,” as Doc Brown said in his own special message video, Redfin, a real estate brokerage firm, did its own calculations. And if they are correct, the McFly house has more than doubled in value but its mortgage payments would cost slightly less in 2015 than they did in 1985.
Real estate agent John Underwood estimated the value for the home in 1985 at $180,000 based on the sale value of a neighboring comparable home that sold in the 1980s. Assuming a 20 percent down payment and a 30-year mortgage, payments would have been $1,529 using the average annual interest rate of 12.43 percent in 1985.
Because interest rates are lower these days at 3.83 percent, Redfin said mortgage payments in 2015 on the home with an estimated value of $400,000 – again based on the sale of two comparable homes in the neighborhood – would be $1,497.
Great scott, that’s heavy.
