Buying a home on the Peninsula now can mean monthly mortgage payments nearly three times what current homeowners pay.
A typical mortgage holder in the San Jose-Sunnyvale-Santa Clara metro area, which includes San Benito and Santa Clara counties, pays $2,659 a month in principal and interest. Buying a home with a new mortgage at the prevailing rate would bring that estimated payment to $7,039, based on September’s median listing price of $1.39 million, according to a new report from Realtor.com.
That’s an increase of $4,380 a month, or 164.8%…