Your Mortgage Payment On A 400K House

Your Mortgage Payment On A 400K House

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.

For more information on what your monthly mortgage payment will be based on how much you want to put down, contact me, Emily Terpak, at [email protected]. I would be happy to walk you through the process step by step.


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10% DOWN

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20% DOWN

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Emily Terpak Headshot
Phone: 609-605-6507
Dated: August 21st 2018
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