Hello,

I need help choosing between a few mortgage scenarios. I currently have $70,095 to give as downpayment, however by the time I close on the house I'll most likely have around $80k-$85k. My car note is $686/month with maturity in 2028.

Mortgage interest rate: ~5%

Car loan interest rate: 4.5%

House price: $310,228

Scenario 1: downpayment (20%): $65,837; monthly mortgage payment: $2,115

Scenario 2: downpayment: $73,769; monthly mortgage payment: $2,068.05

Scenario 3: downpayment: $30,195; car payoff: $30,000; monthly mortgage payment: $2,484

I really like the idea of not having a car note (scenario 3) however, I hate the thought of paying an extra ~$300-400 a month for 30 years VS the 5 years it would take to payoff the car.

I need help deciding which scenario to go with... is it possible to lower my mortgage payments in the future if I were to go with scenario 3? Alternatively, what would the benefits be (if any) with scenarios 1, or 2?