Mortgage rate, what you need to know
Also, because you didn't make the standard 20 percent down payment, you will have to pay PMI. Let's review the options. When trying to determine how much to put into the down payment, you should explore your various options in order to find a plan that will best suit your circumstances. Q: Would you prefer getting instant equity in your home and lowering your monthly mortgage payment? A: Then putting down 20 percent may be best for you. Do you want to save on paying PMI costs but are unable to raise the 20 percent down payment? An 80/10/10 loan may then be your best option.