I am interested in buying a new home being built in my neighborhood. Assuming I can get it for $750K, I was trying to decide my options as to which is better. Currently I have sufficient funds to close on this house before I sell my existing one. After all the math, these are my
2 options.Option 1 Put 20% down ($150k), financing $600K @ 6.25% $3,694 /mo. with 380K left in savings acct.
Option 2 Put 333K down, financing 417K( limit for conventional mortgage) @
5.875% $2468/mo with 200K left in savings acct.The obvious difference is the 180K extra in liquid cash I'll have if I choose the jumbo. I still think 6.25% is pretty good for a jumbo, and I always liked having cash on hand. I was wondering what anyone elses thoughts were.Thanks