| How much did you put down on your house? |
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rockhound
Preferred Member
Cash: $ 26.45
Posts: 132
Joined: 03 Feb 2006
Location: West Virginia
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I bought my $88,000 house with no money down under a VA Loan five years ago. Two years later I paid $20,000 (23%) to the principle, following that 20% rule of thumb, and then refinanced the lower balance to 5.5% on a 15-year term. Six months later I paid another $20,000 to the new mortgage, nearly cutting the 15-year term in half. According to the amortization schedule I constructed in Excel, I wiped out about $105,000 in interest compared to the original mortgage. I will now pay only $8,000 in interest over the next 7 years, if I continue making the regular payments to the end of term. I can't help but add that I owe the extra principle payment to the fact that I drive old cars that I mostly maintain myself and have never had a car payment.
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Thu Feb 09, 2006 11:57 pm |
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voorash
New Member
Cash: $ 0.80
Posts: 4
Joined: 10 Feb 2006
Location: Baltimore, MD
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I bought my house for 237k and put 20% down to give me a mortgage of 189,600 at 5.5% interest. The house was actually worth more when I bought it but the owners were being foreclosed on so I got a good deal. I quickly decided that I didn't want that money tied up with rates as low as they were so I took out a heloc drew it almost to the limit and locked it in at 7 percent. Rates are low and investing can easily beat the rate. Although if you would just blow the money then the more you put down the better.
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Fri Feb 10, 2006 3:33 am |
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Fern
New Member
Cash: $ 0.60
Posts: 3
Joined: 17 Mar 2006
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I put down 45% in cash becus i've very good at saving money but my salary was pretty modest, so i wanted to make sure my monthly payments would be reasonable. This was 10 years ago, when rates were about 7% i recall. i refinanced once since then and did a "readjustment" once too, which is better than a refinance.
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Fri Mar 17, 2006 7:57 pm |
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