How much down would you put on a house?

Lets say you have saved up to 50% of house value. How much would you put down? 
 

Would someone be better off doing 40-50% and getting a 15 year loan ?

 

or 

 

doing like 20-25%, getting a 30 year loan and making extra payments on it? 

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Keep your cash. Put the minimum down. 

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What percent of your take home pay is the mortgage for 15 vs 30 if you out say 20% down?

Yamie Jagerbomb -

Keep your cash. Put the minimum down. 

So 20% and a 30 year loan?

Yamie Jagerbomb -

What percent of your take home pay is the mortgage for 15 vs 30 if you out say 20% down?

The thing is I don't want my mortgage over X amount. So 15 year and 20% down puts me over that mark. 

Yamie Jagerbomb -

Keep your cash. Put the minimum down. 

Why? For all intents and purposes you'll never own your house. 

Bend The Knee -
Yamie Jagerbomb -

What percent of your take home pay is the mortgage for 15 vs 30 if you out say 20% down?

The thing is I don't want my mortgage over X amount. So 15 year and 20% down puts me over that mark. 

Can you report the percentages?


 


What is your argument for keeping the mortgage low?

Region Rat -
Yamie Jagerbomb -

Keep your cash. Put the minimum down. 

Why? For all intents and purposes you'll never own your house. 

Better to hang on to cash in this market. 
 


Besides, the rates are minuscule.  He can always pay down more principal as he sees fit. 

In. I’m looking to buy my first home ASAP and I’ve had that same question 

Minimum amount. Invest the rest. 

Region Rat -
Yamie Jagerbomb -

Keep your cash. Put the minimum down. 

Why? For all intents and purposes you'll never own your house. 

If you live in a shitty state that's true, for most it's not

Vegito Blue -

In. I’m looking to buy my first home ASAP and I’ve had that same question 

A sweet little place in south Warren?


 


Mark

Don't put any money down on your house. It's the biggest waste of money anyone can ever do. Instead, if you make less than 6 figures per year, get a USDA loan which covers 100% of the financing and comes with a solid fixed interest rate since it's a government backed loan. Mine is 3.4% for instance.

 

I did this 4 years ago on a brand new house that I built and already have $20-$30k in equity. I pay $150 extra towards my mortgage premium every month which has cut my 30 year loan almost in half. Don't be a 30%-50% home down payment sheep. Whatever you have saved, keep it.

The Last Emperor -

Don't put any money down on your house. It's the biggest waste of money anyone can ever do. Instead, if you make less than 6 figures per year, get a USDA loan which covers 100% of the financing and comes with a solid fixed interest rate since it's a government backed loan. Mine is 3.4% for instance.


 


I did this 4 years ago on a brand new house that I built and already have $20-$30k in equity. I pay $150 extra towards my mortgage premium every month which has cut my 30 year loan almost in half. Don't be a 30%-50% home down payment sheep. Whatever you have saved, keep it.

I make more than that...

Yamie Jagerbomb -
Bend The Knee -
Yamie Jagerbomb -

What percent of your take home pay is the mortgage for 15 vs 30 if you out say 20% down?

The thing is I don't want my mortgage over X amount. So 15 year and 20% down puts me over that mark. 

Can you report the percentages?


 


What is your argument for keeping the mortgage low?

Keep it low because if shit hits the fan we can afford everything on one income

Yamie Jagerbomb -
Region Rat -
Yamie Jagerbomb -

Keep your cash. Put the minimum down. 

Why? For all intents and purposes you'll never own your house. 

Better to hang on to cash in this market. 
 


Besides, the rates are minuscule.  He can always pay down more principal as he sees fit. 

Yes but I can likley pay extra on the 15 year as well....as an FYI

Pay off mortgage asap. Debt free is the best feeling you will ever have

Bend The Knee -
The Last Emperor -

Don't put any money down on your house. It's the biggest waste of money anyone can ever do. Instead, if you make less than 6 figures per year, get a USDA loan which covers 100% of the financing and comes with a solid fixed interest rate since it's a government backed loan. Mine is 3.4% for instance.


 


I did this 4 years ago on a brand new house that I built and already have $20-$30k in equity. I pay $150 extra towards my mortgage premium every month which has cut my 30 year loan almost in half. Don't be a 30%-50% home down payment sheep. Whatever you have saved, keep it.

I make more than that...

I do now as well and was right on the edge of the limit for the loan when I got it, but it's nice to still be benefitting from it.

I'd put down 20% so you avoid the extra monthly PMI costs. You should be able to get a mortgage rate of 3% so better to invest the remaining money if you can earn more than 3%,which even putting in an index fund would historically do

Minimal deposit.  Right now money is free.  Rates are super low.  Invest the cash you have at a higher rate than the cost of borrowing it and youll be in good shape.  

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