Evaluating Down Payment vs. Monthly Payments Savings

While a larger down payment can help you stand out to sellers, it’s important to consider the impact on your monthly mortgage payment.

Increasing your down payment may not significantly lower your monthly payment, as each additional thousand dollars only reduces the payment by about six dollars.

Before emptying your savings account, crunch the numbers to see how much you’ll actually save each month. You may find that you’re better off keeping some cash in reserve for unexpected expenses or home repairs.

Would you like to read more? Please visit our blog- https://www.mwloan.com/blog/down-payments-could-cost-you-in-coachella-valley
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