Congrats! You’ve saved enough for a down payment! Now what will your monthly mortgage payment be? For this post, I chose a $400K house.
Here, I have three examples of what your monthly payment will be depending on how much you put down. I have it broken out with a 3%, 10%, and 20% down payment.
The one thing you will notice on the examples with a 3% and 10% down payment that you won’t see on the example with a 20% down payment, is Mortgage Insurance. For a conventional loan, you will pay for Mortgage Insurance every month until you have reached 20% equity. Whereas when you put less than 20% down on an FHA loan, you will pay Mortgage Insurance for the life of the loan.
3% DOWN
10% DOWN
20% DOWN
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Congrats! You’ve saved enough for a down payment! Now what will your
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