$100K down payment, much lower mortgage?

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$100K down payment, much lower mortgage?

May i suggest a reading of 'total money makeover' d.ramsey.

save ur money and spend some on good books about home ownership.

u have a lot of variables that will change ur plans. the biggest one is marriage.

visit daveramsey.com to get a grasp on the hard lessons others have learned b4 u get to do so.

$100K down payment, much lower mortgage?

You really sound like you have it together, which is amazing and great! I agree with the previous poster about reading "Total Money Makeover" by Dave Ramsey. And yes, if you can save $100K for a down payment that would be fabulous. There is no sense in buying a house right now because maybe prices will go up in a couple of years. Save all you can for a few years and then buy a house on a mortgage that is no more than 15 years.

$100K down payment, much lower mortgage?

Here's the rub: You're assuming prices are going to stand still while you save. They're not. If your area averages 5% appreciation per year, that $160k house today is about a $195k house in four years, which is about the quickest I can see anyone making $36k saving another $80k.

Yes, it does help you lower your mortgage payments. But if that's an issue, why not consider buying something cheaper (around $100k, maybe) now? In large portions of the country, prices are artificially low right now. If you want a single family detached and you're worried about payments, let leverage work *for* you. Of course, you may not be paying rent to your parents, so the usual math may not apply (where the choice is rent or buy).

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$100K down payment, much lower mortgage?

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