TODD KLINGERMortgage AdvisorLoans By Todd

Buying a home

Build Your Home Purchase Around the Right Financial Strategy

A purchase price is only one number. Your down payment, monthly payment, cash required at closing, available reserves and financing structure all affect what buying the home actually means for your finances.

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Explore the numbers first, then decide which financing structure fits your goals.

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Start with the numbers

Before choosing a loan, understand these four numbers.

  1. 01

    Purchase price

    What are you actually comfortable spending on the property?

  2. 02

    Cash to close

    How much cash may be required for the down payment, closing costs and other transaction expenses?

  3. 03

    Monthly payment

    What may the principal, interest, property taxes, insurance, mortgage insurance and applicable HOA costs look like?

  4. 04

    Liquidity after closing

    How much cash and eligible reserves do you want to retain after the purchase?

The largest down payment isn't automatically the best strategy. The smallest down payment isn't automatically the best strategy either.

Down payment strategy

What changes when you put more—or less—down?

Less down

Potential considerations

  • Less cash committed at closing
  • More liquidity retained
  • Larger loan balance
  • Potentially higher monthly payment
  • Mortgage insurance may apply depending on financing

More down

Potential considerations

  • More cash committed to the purchase
  • Smaller loan balance
  • Potentially lower monthly payment
  • Mortgage insurance may be reduced or avoided depending on financing
  • Less liquidity retained after closing
Compare Your Down Payment Options

Monthly payment

Your mortgage payment is more than principal and interest.

Principal & interest

The scheduled loan payment based on loan amount, rate and term.

Property taxes

Estimated property taxes associated with the home.

Homeowners insurance

Estimated cost of insuring the property.

Mortgage insurance

May apply depending on loan structure and down payment.

HOA

May apply depending on the property.

Actual taxes, insurance, mortgage insurance and HOA costs vary by property and financing.

Explore Mortgage Calculators

From planning to closing

Know the financing before you need it.

  1. 01

    Build the financial picture

    Review income, assets, credit profile, existing obligations and purchase objectives.

  2. 02

    Establish the range

    Understand potential purchase-price, payment and cash-to-close scenarios.

  3. 03

    Compare financing structures

    Evaluate relevant down payments, loan structures and available financing approaches.

  4. 04

    Get prepared to make an offer

    Complete the appropriate financing preparation before entering a transaction.

  5. 05

    Execute through closing

    Manage financing, documentation, appraisal and lender requirements through the transaction.

Your situation

The financing strategy depends on the buyer.

Plan beyond the down payment

Down payment and cash to close are not the same thing.

Your down payment is only one component of the money that may be needed to complete a purchase.

The actual amount depends on the property, loan, location, timing, insurance, taxes, lender and transaction.

  • Down payment
  • Closing costs
  • Prepaid items
  • Initial escrow funding, if applicable
  • Inspection / appraisal or other transaction costs
  • Reserves you choose or may be required to retain

How strategy can matter

Same home. Different down payment. Different financial picture.

Illustrative example

Lower down payment

The buyer retains more liquidity after closing but finances a larger portion of the purchase.

Higher down payment

The buyer commits more cash to the property but reduces the loan balance and potentially the monthly payment.

Strategic question

How much cash should remain available after closing, and which financing structure best aligns with the buyer's payment and liquidity goals?

Run the Numbers

Illustrative example only. Actual financing terms, payments, mortgage insurance, costs and qualification vary.

Home buyer FAQ

Questions buyers ask me.

Know your numbers

Build the financing strategy before you make the offer.

Let's look at your payment, cash-to-close options and broader financial picture so you understand the tradeoffs before making a decision.

Compare Down PaymentsSchedule Your Strategy Call