Quick question.
Purchase price $410,000
Mortgage with 20% down, $328,000
I've got $25,000 leftover. House doesn't need anything done to it. I'm making $7000 monthly after tax / deductions etc and not counting any overtime or bonuses.. so making my payments (and then some if I choose) won't be an issue.
Do you think it's worth it to put say, another $10,000 - $15,000 down? I ran the math and :
Extra $10,000 down @ 4.5% APR is $50.67 less monthly.
Extra $15,000 down @ 4.5% APR is $76.01 less monthly
Extra $10,000 down @ 4.25% APR is $49.20 less monthly
Extra $15,000 down @ 4.25% APR is $73.80 less monthly
I quote different APR's because my original quote is 4.5, and I can change it once from now until closing (6 weeks~) ignoring future interest charges / payments etc do you think i'd be better served keeping all of my money in reserve, or putting some extra down upfront?