>When the lump sum doubles yet the monthly payment is the same, has the cost really changed?
Yes of course it has. You've just over doubled (interest rates are low but they're not nil) the time it's taken to pay back that loan.
Yes of course it has. You've just over doubled (interest rates are low but they're not nil) the time it's taken to pay back that loan.
You mean the repayment amount? I'm not sure what you're asking.
Of the lump sum price (principal), interest rate, loan term (time), and monthly payment, you can only change three of the four, for a fixed rate loan. The fourth is defined by the combination of the others.
The only difference is the down payment, which matters because a bigger down payment means more opportunity cost of stock market gains.