For the uninitiated, down-payment is not the lump sum you pay us upfront and wait till affordable housing unit is ready for move in. But the lump sum you hand over at move in time so the rest of the property value is offered to you as loan requiring interest - so it means the lower the loan bearing component of the property cost, the lower your monthly repayment amount.
In summary, putting extra money toward the down payment can be a smarter option than buying points. A larger down payment reduces the total loan amount, which also has the effect of lowering monthly payments.
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