It is always a good idea to compare mortgage options to see how it can affect your down payment and monthly mortgage payment.
But there are several different mortgage programs that all have different down payment requirements. You may have heard that a 20% down payment is average, and in most case this is a good number. The down payment is how much you pay upfront for your home. This may include: the principal and interest, private mortgage insurance (if PMI is applicable), property taxes, homeowner’s insurance and in some cases, homeowner’s association fees. The calculator above will show you a total monthly payment based on the numbers you enter and will also show you the breakdown of that total payment.
There are several factors that can make up your monthly mortgage payment. What Makes Up Your Monthly Mortgage Payment?
