The size of your mortgage payment is determined by two factors - the interest rate and how much you borrow. There is little you can do to reduce interest rate. However, you can reduce your mortgage payment by having a larger down payment. Using an automatic savings plan is the easiest way to build your down payment.
Here is a chart showing
the affect of having a larger down payment for a home costing $250,000
(assumes an interest rate of 6.5% and a 30 year amortization).
Here is a calculator you can use to determine monthly payments for different size loans and different interest rates.
Start Your Automatic
If you are not already using direct deposit for your paycheck, here is a Payroll Direct Deposit form to help you get started. You can also call a service representative at 800/723-7237 or email for more information.
Take Control of Your Financial Future
Articles from our library about buying and owning a home.
Learn more about how Forest Bluff Financial Services can help you reach your retirement goals.
Learn more about reaching all your financial goals.
Financial Foundation Center (for young adults)
Financial Tool Kit (for those working toward financial goals)
Kit de Herramientas Financieras (Spanish version of Financial Tool Kit)
Forest Bluff Financial Services is your partner for a secure financial future.
Return to our website.
© 2007 Financial Wisdom Marketing Services, Inc.
Legal Notices and Privacy Statement