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Started By
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Down payment on a home - how much is too much?
Posted on 2/22/13 at 7:48 am
Posted on 2/22/13 at 7:48 am
Say I wanted to put more than 20% down
Is this a bad idea? Is there some rule of thumb that states that the down payment is excessively large and stupid?
25% too much? 30%? Or is any amount over 20% considered too much?
Is this a bad idea? Is there some rule of thumb that states that the down payment is excessively large and stupid?
25% too much? 30%? Or is any amount over 20% considered too much?
7
Posted on 2/22/13 at 7:50 am to Powerman
There really is no wrong answer.
I would only do 20%. This gets you out of paying PMI. With interest rates being so low, I would put whatever extra money you have to other uses.
I would only do 20%. This gets you out of paying PMI. With interest rates being so low, I would put whatever extra money you have to other uses.
Posted on 2/22/13 at 7:51 am to Powerman
If you got the cash laying around and you plan on staying at this house awhile put atleast 22% to get rid of PMI
Posted on 2/22/13 at 7:52 am to Powerman
There is no probably no right or wrong answer...
IMO if you can put 20% down comfortably and avoid PMI, while still having enough cash for emergencys, etc., then I would do 20%...
IMO if you can put 20% down comfortably and avoid PMI, while still having enough cash for emergencys, etc., then I would do 20%...
Posted on 2/22/13 at 7:54 am to Powerman
Not a bad idea in theory at all - but could you do something more productive with that extra money over 20%? Pay down student loans at a higher %? Invest/save elsewhere?
Posted on 2/22/13 at 7:58 am to Powerman
Well, I'd say putting down anymore than 100% is too much. 
Posted on 2/22/13 at 8:01 am to Powerman
with interest rates right now, I would invest the money elsewhere and make money
Posted on 2/23/13 at 4:09 pm to Powerman
We just went through this.
We had well enough for 20%, but now lenders are offering a lender paid MI. We got a rate 1/8 higher for the lender paid MI, opposed to putting down the full 20%.
It is still a great rate, tax deductible, and we can invest the left over money and get returns more than 3.5%.
We had well enough for 20%, but now lenders are offering a lender paid MI. We got a rate 1/8 higher for the lender paid MI, opposed to putting down the full 20%.
It is still a great rate, tax deductible, and we can invest the left over money and get returns more than 3.5%.
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