🏡 Which down payment option is better for your first home?
This view is unlisted — only visible via link.
🏠 Affordability Reality
A 38-year-old single dad earning $65k is facing a classic homebuyer's dilemma: put 3.5% down and wipe out his savings for a $2,350 payment, or put 0% down and face a $2,600 payment. With a $3,800 net take-home, both options leave him stretched thin. Use this calculator to compare down payment options and see how much breathing room you'll actually have.
⚖️ Income & Debts
Lenders approve you based on gross income, but you pay your mortgage with net income. When you only have $1,200 to $1,500 left over for groceries, utilities, kids, and life, a single home repair can put you in debt. Let's look at your actual budget.
🏦 Loan Assumptions
Compare your two loan options. Option 1 requires a down payment but offers a lower rate and monthly payment. Option 2 keeps cash in your pocket today but increases your monthly burden. Which one makes sense for your cash flow?
🔗 See Also
This view was inspired by:
For further related reading, check out:
📊 Results
Leftover cash (Option 1)
Leftover cash (Option 2)
Monthly savings with Option 1
Months to break even
Verdict
Too tight
Calculator updated by heyfinfam (v26.10.0) · View history
Privacy: None of your data is transmitted to the author of this view or any other third parties. Financial inputs are never used to identify you; they're only used to calculate results.
Disclaimer: This content and any calculations provided are for informational purposes only. The views, calculations, and methodologies expressed are those of the author and do not necessarily reflect those of this platform. Not financial advice. Users are solely responsible for any decisions made based on this information.