For a first-time buyer, the down payment and the rate are the two numbers that shape the monthly payment most. Here is the arithmetic for a typical home in Ocean View Hills.
Down payment, loan and payment
| Down payment | Cash down | Loan | Monthly principal and interest |
|---|---|---|---|
| 5% | $37,515 | $712,784 | $4,877 |
| 10% | $75,030 | $675,270 | $4,620 |
| 15% | $112,545 | $637,755 | $4,364 |
| 20% | $150,060 | $600,240 | $4,107 |
Going from 5% down to 20% down lowers the loan by $112,545 and the monthly principal and interest by about $770. Loans with less than 20% down commonly carry mortgage insurance, which is not included above, and there are loan programs built for smaller down payments; a lender can tell you which ones you would qualify for.
By bedroom count
| Size | Typical value | Principal and interest at 7.28% |
|---|---|---|
| 2 bedrooms | $530,534 | $2,904 |
| 3 bedrooms | $712,073 | $3,898 |
Saving toward the goal
A 20% down payment on the typical value is $150,060 and 5% is $37,515. Closing costs are extra and vary by loan.
Where to read next
Rudy’s interest-rate series covers rates, points and loan types in plain language, and the Ocean View Hills market reports show how the local market is moving.
Talk to a lender. Rates, loan programs and approvals come from lenders, not from websites or real estate agents. Talk to your own mortgage broker, or use our preferred lender, Point Mortgage Corporation (NMLS #231073), at (619) 475-4095. You are always free to choose any lender you like, and you can verify any lender’s license at nmlsconsumeraccess.org.
Notes on the numbers
Everything here is arithmetic on public figures: Freddie Mac’s weekly rate survey (week of Oct 1, 2026) and Zillow Research values. No forecasts, and not advice.
More on interest rates
- The Fed's Rate Decisions vs. Mortgage Rates: What Is the Difference? — The Federal Reserve sets one short-term rate. Mortgage rates follow a different set of forces. Here is how the two relate, with the recent decisions.
- Fixed Rate, Adjustable Rate and Buydowns: The Basics — How the main loan structures work, and what a temporary or permanent rate buydown means.
General information, not financial advice.
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