What Should I Put Down?
Below you can see the impact of having a larger down payment (Assumes an interest rate of 3.5% and a 30 year amortization):
|Cost of the Home||Down Payment||Mortgage Amount||Monthly Payment|
- Saving Up for Your Down Payment: Nine Tips
- Demystifying the Mortgage Process: 5 Steps From Prequalification to Closing
- How Much Interest Will I Pay?
Even small changes can make a difference.
There is no easier way to save than with an automatic savings plan. If you are already using direct deposit for your paycheck, talk to your banker about transferring the amount each month. You can also have your employer deduct the amount each month and deposit into the account of your choice.