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Using the Times Rent or Own Calculator @
http://www.nytimes.com/interactive/b...avid_leonhardt
there is a negligible savings difference with varying down payment amounts.
Their base saving mark is 6 years, renting vs owning.
Using a $120k condo buy, a 20% down netted a $43k savings over renting (1st 6 years). There's a 3% rent inflation default, which you can adjust.
The interesting point was a doubled down of 40% netted a small saving increase- $45k.
A 100% buy netted only $49k.
There are variables that can shift the outcomes but if the above hangs close, there's one more reason to tailor the down to meet your monthly comfort level and no more.
http://www.nytimes.com/interactive/b...avid_leonhardt
there is a negligible savings difference with varying down payment amounts.
Their base saving mark is 6 years, renting vs owning.
Using a $120k condo buy, a 20% down netted a $43k savings over renting (1st 6 years). There's a 3% rent inflation default, which you can adjust.
The interesting point was a doubled down of 40% netted a small saving increase- $45k.
A 100% buy netted only $49k.
There are variables that can shift the outcomes but if the above hangs close, there's one more reason to tailor the down to meet your monthly comfort level and no more.