Why a 5% down payment can save you more vs 20% down

After speaking with many clients, I realized a lot of renters are already making a mortgage payment, they just don’t realize it.
For example, a couple reached out to me recently saying they have 5% down for a $700,000 home, and are waiting until they have 20% down.
So we ran some numbers and I showed them some scenarios.
We found out, they would be saving MORE if they bought now with their 5% down, versus waiting another 4 years until they have that 20% down payment.
This is why I always tell my clients, run the numbers so you can run your life! Everyone’s situation is different. If you already have the 20% down to put on a home, that’s great! But most people don’t, and think waiting is a better solution only to realize, it can actually cost them more.
So if you are currently on the fence and don’t know whether you should wait or buy now, talk to your lender and run some numbers! If you don’t have a lender or want a second opinion, send my team and I a message on my IG!

[@gabrieliacoboni6951]

I have no idea where the numbers for insurance and prop tax come from but those are insanely off. Like badly off short of rural West Virginia. Add another 3-4K for prop taxes and another k for insurance. Let's also keep in mind hazard insurance is not a line item on a 20 percent down payment and putting more down means you pay less on the life of the loan. It MAY save you money in specific circumstances but I would disagree respectfully and wager in the vast majority of cases it will not.

[@RobertChambers101]

That’s my situation