 |
15-year mortgage |
|
6.50 |
$1,060 |
$128,088 |
$135,204 |
$143,158 |
$152,105 |
7.00 |
$1,060 |
$124,138 |
$131,034 |
$138,742 |
$147,414 |
7.50 |
$1,060 |
$120,364 |
$127,051 |
$134,525 |
$142,933 |
8.00 |
$1,060 |
$116,757 |
$123,243 |
$130,493 |
$138,649 |
You may now want to turn to the Bankrate.com calculator
"How
much house can you afford?" to calculate your down payment.
If you are selling a home, you can apply the equity as a down payment
on the new house. Note: You need to include an estimate of closing
costs in buying the property (plus selling costs if you're also
selling a house). Closing costs are generally 3 percent to 5 percent
of the sale price.
Now that you've calculated what your down payment
will be, here are some tips to help you meet your goal:
- Have your down payment ready at least 60 days before you apply for a mortgage loan.
- Start saving now and forgo other expensive cash buys, such as a new car or vacation trip.
- Borrow your shortfall from the equity in your 401(k) retirement plan. You will be charged prime rate with possibly a small margin added
on, but you'll meet your down payment goal and you can repay your retirement fund through your payroll deduction plan.
- Borrow from family or relatives and pay them back monthly. Lenders may require you and your family lender to sign a "gift
letter" indicating that both parties consider this a gift before they will factor the amount into the loan.
If you still come up short on the down payment, don't
despair. There are special mortgages and first-time home buyer programs
to help you buy your dream home.
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