Wednesday, May 22, 2013

Should You Put 5% Down on a Mortgage When You Can Afford 20% or More?

 

5% Down, 20% Down? Which Mortgage Makes More Sense? 


Bill Rayman takes you step by step through the numbers to show you convincingly that a 5% down payment on your home mortgage is a much better financial decision in 2013 that putting down 20% or more.  STIPULATION!  You may prefer the emotional benefits of the high down payment.  But with interest rates at historic lows, locking in the MOST possible principle will pay you massive financial benefits over the long term.

Check out some of our fantastic mortgage calculators to find out the details in your own situation.


Interest Only Payment
Calculate your payments with an interest only loan.
Mortgage Amortization
Detailed breakdown of principal and interest payments over the life of your loan.
How Much Can I Afford
How much house / monthly payment can you afford?
Should I Refinance
Calculate savings in switching to a new loan.
Rent vs. Own
Should you buy a home or continue renting? Our Rent vs. Own Calculator will analyze your situation and give you some guidance.
FHA Loan Limits
The FHA Loan Limits calculator helps you calculate the size of the loan the FHA is willing to insure.

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1 comment:

  1. Bill Rayman takes you step by step through the numbers to show you convincingly that a 5% down payment on your home mortgage is a much better financial decision in 2013 that putting down 20% or more. hard money lenders

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