Home Buyer Checklist

If you only put down 10%, you’ll have a $180,000 mortgage. The following table shows you how much you’ll pay – both per month and over the life of the loan – in each scenario.

Mortgage Rate - 20% Downpayment 

• 3.50% = $718 
• 3.75% = $741
• 4.00% = $764
• 4.25% = $787
• 4.50% = $811 

Mortgage Rate - 10% Downpayment 

• 3.50% = $808* 
• 3.75% = $834*
• 4.00% = $859*
• 4.25% = $885*
• 4.50% = $912*

In this example, a 1% difference in mortgage rate results in a monthly payment that’s close to $100 higher. But the real difference is how much more you’ll pay in interest over 30 years…more than $33,000! And just think, if you lived in the 1980s when the highest mortgage rate was 18%, you’d be paying thousands a month just in interest!

*Payment amounts shown do not include private mortgage insurance (PMI), which may be required on loans with down payments of less than 20%. The actual monthly payment may be higher.

This calculation does also not include property taxes, which could raise the cost substantially if you live in a high-tax area.