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Posted in Mortgage
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Question By
scottyspot

11 Contributions
64 People Helped
What is better on mortgage, 20% down or 15% down and eliminate my car payment?
I just sold my old home due to a relocation and I made a profit on it. The amount I received will allow me to put 20% down on a home here in my new location, however I also have a 310 dollar pr month car payment, and if I were to pay that off it would decrease my down payment for a home to 15% and 16%, but would make overall utilization look better. What would be better for me in the long run? How bad would a PMI hit be with 15 or 16 percent down vs the full 20%? T

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