How Much Will My Mortgage Payment Change If I Put More Down?
One of the most common questions homebuyers ask is: “How much will my monthly payment change if I put more money down?”
Here’s the quick math: on a 30-year fixed-rate loan at today’s rates, every extra $10,000 you put down reduces your monthly payment by roughly $60. So if you save up an additional $20,000, you’ll lower your payment by about $120 per month.
That sounds great — but here’s the bigger question: is it worth waiting years to save that extra money? For some buyers, delaying could actually cost more. Home prices may rise, rates may shift, and you could miss out on years of building equity.
Think about it this way: $120 a month is roughly the cost of eating out with a family of four twice. By making small lifestyle adjustments, you can cover that difference without delaying your purchase. Meanwhile, you’ll already be in your home, building equity, and enjoying the benefits of ownership.
The good news is there are loan programs available with as little as 3% down. That means you may not need to wait for a large down payment at all. Sometimes the smartest move is to buy sooner, keep your cash flexible for emergencies or updates, and let your home start working for you.
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