Down Payment: This is the part of your home's purchase price that you pay upfront, not covered by your loan. The amount you pay as a down payment can influence your mortgage interest rate.
With over three years of experience writing in the housing market space, Robin Rothstein demystifies mortgage and loan concepts, helping first-time homebuyers and homeowners make informed ...
Note that our figures include principal and interest only. Your actual monthly payment will be higher after you add in property taxes, homeowners insurance and PMI, if your down payment is less ...