Reduce Your Monthly Mortgage Payments By Increasing Your Down Payment
The size of your mortgage payment is determined by two factors - the interest rate and how much you borrow. There is little you can do to reduce interest rate. However, you can reduce your mortgage payment by having a larger down payment. Using an automatic savings plan is the easiest way to build your down payment.
Here is a chart showing the affect of having a larger down payment for a home costing $250,000 (assumes an interest rate of 6.5% and a 30 year amortization).
| Cost of the home | Down payment | Mortgage Amount | Monthly payment |
| $250,000 | $25,000 | $225,000 | $1,422 |
| $250,000 | $50,000 | $200,000 | $1,264 |
| $250,000 | $65,000 | $185,000 | $1,169 |
| $250,000 | $75,000 | $175,000 | $1,106 |
| $250,000 | $100,000 | $150,000 | $948 |
Here is a calculator you can use to determine monthly payments for different size loans and different interest rates.
Monthly Mortgage Payment Calculator
Interest is compounded monthly. This calculator is to be used for estimation purposes only. The financial institution is not responsible for its accuracy and the results are not guaranteed.
You may already have some savings, but establishing a disciplined savings habit can help you increase those savings, increase your down payment and reduce your monthly mortgage payment.
Saving is Easier with an Automatic Savings Plan
Decide how much you want to save and over what period. Then find out how much you need to put aside each month to have the larger down payment you want.
Save to increase your down payment
Interest is compounded monthly. This calculator is to be used for estimation purposes only. The financial institution is not responsible for its accuracy and the results are not guaranteed.
Start Saving Today Automatic
There is no easier way to save than with an automatic transfer from your Integra Checking account into your Savings account each pay period.
This allows a set amount of money to move into your Savings Account each month without you having to remember to do it. Over time, your Savings balance will build to a large nest egg.
You can set up your recurring automatic transfer through your Integra's BankAnytime online banking service. It's easy to set up, and BankAnytime offers many other convenient features.
You may also set up your recurring automatic transfer at any Integra Banking Center. If you have any questions, please call an IntegraCare representative at 1-800-467-1928.
Equal housing lender.