How much down??OK So my boyfriend and I are educating ourselves as we prepare to purchase our first home. We have agreed to finance no more that $120,000. We will have up to $20,000 to put down. My credit score is 731 and his is 567. We are paying off his debt, which isn't much, and taking steps to boost his score before we apply for a loan.Our goal is to finance a home for 30 years and pay it off early. Our plan is to make an additional monthly payment of $1100, thus shortening the life of the loan to approximately 6.5 years.IKR???So my question is, would we save more money going with a higher interest rate and less money down or a bigger down payment and a lower interest rate GIVEN the fact that we will be paying the loan off earlier than we financed it for.To soothe any concerns about our ability to commit to such a plan, I will say that we will be receiving a monthly payment of $1100 for the next 8 years on top of our combined yearly income, which is approximately the total value of the loan.Thanks,DanaJanuary 26 2012 - Mobile00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.