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Interest Rate
The interest rate can be either a fixed-interest-rate where monthly payments stay the same or an adjustable-interest-rate where monthly payments fluctuate within cap limits according to changes in the market interest rate after the initial rate period.
If you are in a tight budget and at risk to increases in your required payments, you should opt for the fixed rate mortgage or request an adjustable rate mortgage with caps and an initial rate period that protect you. Another option to lower your required payments is the interest-only payment option which requires only the interest-- not the principal-- amount of the monthly payment to be paid. Further, with a down payment of at least 20% you will be able to forgo the added cost of mortgage insurance.
Use the Monthly Payment Calculator to see how different interest rates and terms affect the monthly mortgage payments and the Interest-Only Monthly Payment Calculator to see the interest and principal payments parts.
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