I think both Shanna and Margaret have good points. It really depends upon your goals with that extra money and your cash-flow. More down means less per month, it also mean less money to work with in the short-term.
If you want to talk about the particulars of your situation feel free to call or email and I'd be happy to help.
If you put more down, you have to borrow less and therefore your payment should be less - though you need to see in the decrease in your payment is worth putting more down.
SR Realty http://www.RealtyBySR.com
One strategy some of my clients use is to take the maximum loan amount. The they make additional payments based on their budget.
Once you get your equity built up, your monthly payment drops DRAMATICALLY when the PMI (Principal Mortgage Insurance) drops off.
You need a real estate agent or mortgage broker to provide you with a buyers closing cost sheet based on a projected sale price. On this paperwork, which factors in all fiscal elements, you will be able to determine how much you monthly payment will be. An agent or mortgage professional can provide you with a breakdown of costs for a series of senarios - I always go out of my way to break down the costs for my clients multiple ways: 3.5% down, 5% down or more. Often the difference per month is not as great as you think it will be - you need this breakdown in black and white to make an educated decison and then it will be quite simple. However bear in mind that the less you put down the higher your PMI will be, as well as having less equity over the first years of ownership. Good luck! This may be new and confusing but you will grasp it!
Ana Barlow email@example.com Coldwell Banker Preferred Agent