asked 59.7k views
5 votes
Explain how the amount of a down payment affects your monthly mortgage payments.

asked
User Lizzett
by
8.7k points

1 Answer

2 votes

Answer:

The more money you put down, the smaller your principal value becomes. Having a smaller principal value will make your monthly payments smaller.

Step-by-step explanation:

The amount of a down payment you pay will affect your monthly mortgage payment. If you put a larger down payment on your mortgage/loan you will pay less in monthly mortgage payments. If you put a smaller down payment you will end up paying more monthly.

answered
User Matt Whitehead
by
7.7k points

No related questions found

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.