cost - 100,000$ can
what are the finance options available that’ll let me make a big down payment, and then low monthly payments …
i don’t wanna rent cuz i see the rent money as a waste //
nomaan
what you want to put down is upto you..I am assuming that canadian mortgage market is similar to US.
the monthly payment is dependent on how much you owe, what your interest rate is and what the term of the mortgage is.
to keep your mortgage payemnts low there are a few options which are not mutually exclusive, any one or compbination of them will get you a low monthly payment.
1) buy a cheaper house
2) get a low interest rate
3) put a larger downpayment amount
4) get a 30 yr and not a 15 yr mortgage
If you put a down-payment lower than 20% of the total cost of the condo you have to pay Personal Mortgage insurance (PMI) which would increase the monthly pmt.
Your monthly pmt also includes local, property and school taxes. So depending on your locale that part of the pmt would vary. Plus all the other points that Pir Sahib pointed out to keep the monthly pmts low. If you go for a 15 yr term you would get a better interest rate though, so do your math before committing.