Step 1: Getting Started
Okay, let's walk through how to use the Down Payment Impact Tool. First, enter your target home price and desired down payment percentage. The tool will calculate the down payment amount and show how that impacts your monthly mortgage payment. For example, let's say you're looking to buy a $300,000 home and want to put 20% down.
Step 2: Using the Tool
When you use the Down Payment Impact Tool, the tool will show that a $60,000 down payment results in a monthly mortgage payment of around $1,200. Adjust the down payment to see how it changes the monthly cost.
The real power is seeing how even small changes to your down payment can significantly affect your budget.
