Accumulating a Down Payment on a Home  How expensive a house you
can afford largely depends on the level of your monthly payment.
There will be property taxes, insurance, and upkeep, but your
monthly payment will probably be the most important part of your
decision.  The fine line you walk when determining a level of
down payment is based on the level of mortgage payment you can
afford and how much money you have for the down payment.
Mortgage rates are constantly changing, and there are all
different types of mortgages available.  Estimating your
mortgage payment  Here is a chart showing monthly payment levels
for different amounts at different interest rates. It reflects
using a 30-year fixed mortgage. Payments with a 15-year mortgage
will be higher, but you will pay off the mortgage sooner and pay
much less interest over the life of the mortgage.  Monthly
Mortgage Payments at Different Interest Rates (30-year fixed
rate mortgage) Mortgage Amounts 5.5% 6% 6.5% 7% 7.5% 8% $50,000
283.89 299.78 316.03 332.65