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Does a large down payment on a home make that much of a difference?

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asked Jul 26, 2012 in Mortgage Rates by DeniseC Member (570 points)
recategorized Aug 15, 2012 by Drake Peters
   

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+3 votes
A down payment on a house does not make as much of a difference as how long you take out a mortgage for. There are several options for martgages, however the two most common ar 15 and 30 year mortgages. If you decide to take a 15 year mortgage you can save between 20-30% of your total payment on a house by paying it off quicker.
answered Aug 30, 2013 by bbrown Inquisitive Expert (97,580 points)

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