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Buydown Your Mortgage With Your $10k
As interest rates continue to climb, temporary mortgage rate buydowns have become increasingly popular amongst buyers and sellers. When it comes to choosing the right loan for you, it’s important to know that there are ways you can ensure your monthly mortgage payments are more manageable in the future. Paying more money upfront can lower your mortgage's interest rate.
How Mortgage Buydowns Work
Mortgage buydowns temporarily reduce the interest rate for home loans in exchange for a payment that counterbalances the interest that would be paid during that time. The cost is based on the interest rate and loan amount.
Understanding 2-1 Mortgage Buydowns
A 2-1 mortgage buydown is a type of loan financing that reduces your interest rates for the first two years of a mortgage term. The interest rate is reduced by 2% in the first year and 1% in the second year of a loan term. Once the loan reaches its third year, the interest rate returns back to the original rate of the mortgage loan. With a 2-1 mortgage buydown, homebuyers can enjoy reduced monthly payments for the first two years from when they purchased their home.
2-1 Buydown Example:
If an interest rate on a 30-year mortgage is 6%, a home buyer with a 2-1 mortgage buydown will pay only 4% interest during the first year of their mortgage loan. The second year of the mortgage loan would be charged at 5% and 6% the following years after that.
Total Buydown Amount: $12,559.44
What is a 3-2-1 Mortgage Buydown?
A 3-2-1 buydown mortgage is a type of loan that begins with a lower interest rate and rises over the next several years until it reaches its final and agreed-upon interest rate. This type of mortgage-financing technique enables homebuyers to lock in a lower interest rate for the first 5 years of their loan; in return for an extra up-front payment.
3-2-1 Buydown Example:
If an interest rate on a 30-year mortgage is 6%, a homebuyer with a 3-2-1 mortgage pays a reduced interest rate during the first three years of the loan for an initial payment to their lender. For example, the buyer will have an interest rate reduced by 3% during the first year of their mortgage loan. Then, the second year of their mortgage will be reduced by 2%, and in the third year the original rate will be reduced again by 1%. This means that with this financing option, a homebuyer will pay only 3% interest rate in the first year of their mortgage loan with a 6% interest rate.