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Pay the full 20%. No PMI and lower interest rate
Don't listen to any rules of thumb right now. Interest rates are now just low but the lowest in HISTORY so the rules of thumb go out the window. Put 20% down so no PMI and take out the biggest 30 year loan you can afford. Leveraging RESPONSIBLY at times/rates like now are how empires are made.
Check what PMI rate you would get then decide if you would make more investing at a 3-19% down payment and investing remaining. I think you would be better off doing the 3% down and investing remaining. PMI is underrated imo.
Outside of the general guidance for income/to house payment ratio, I think it is worth considering what you believe you will be making in the next few years. I bought at a 50% monthly income/housing expense ratio and in 2 years it’s down to 25%. Just a thought.
You will be house rich and cash poor paying 300k+ on a 70k salary. Your threshold should be 210-280 (3-4 times annual salary) and you should put 20% down. Move a little further out of the city to find deals and look for up and coming areas.
Debt to income ratio of actual payments is what matters. 3-4 times salary isn’t practice in many areas and really doesn’t indicate was a person can or can’t afford.
Pro
Super impressive!
Also don’t forget your salary won’t stay at $70k, it will increase over the years