Timing is everything — with a shorter term mortgage you will be paying less interest but a higher monthly payment. Take the time to assess which mortgage term is better for you.
Calculate your monthly mortgage payment for a given purchase price, down payment, interest rate, and loan term.
Decide to lock in your rate or choose a rate that adjusts according to market and economic factors. Compare the monthly mortgage payment for fixed- and adjustable-rate mortgage (ARM) loans, given the terms of the loans.
Determine the effect of your down payment on a home with respect to the loan terms, and whether you’ll pay private mortgage insurance (PMI).
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