For most people, their monthly mortgage is going to be the largest expense that they have to pay each month. And while this will likely take out a decent portion of your monthly take-home pay, there are things you can do to put yourself on the best financial footing by lowering this amount as much as possible.

To help you see how this can be done, here are three ways to achieve a less expensive monthly mortgage payment. 

Put More Money Down

The best way to ensure that you’ll have a less expensive monthly mortgage payment is to get the most favorable home loan situation to begin with.

One way you can do this is by borrowing the least amount of money possible. While paying for the majority of your new home with cash would be ideal, this isn’t always a practical or even possible solution. What you can strive to do, however, is put as much money in as a down payment as you possibly can. According to James McWhinney, a contributor to, you should try to have at least 20 percent for your down payment. Paying at least 20 percent into the home on your own will save you from having to pay private mortgage insurance, which can add quite a bit to your monthly payment. 

Get Rid Of Mortgage Insurance

For those wanting to buy a home but don’t have the ability to pay at least 20 percent at the time of securing your mortgage, one goal you should be shooting for to help lower your monthly mortgage payment is to get rid of your private mortgage insurance. 

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To do this, Hal M. Bundrick, a contributor to, shares that you’ll need to refinance your current mortgage into a conventional home loan. As long as you have enough equity in the home, you should be able to make this change and then see that PMI is eliminated from what you’re paying for your mortgage each month. 

Refinance At The Right Time

Getting rid of your private mortgage insurance costs isn’t the only reason why you may want to refinance your home loan. Refinancing, in many situations, can help you to get monthly savings on your mortgage as well.

According to Chonce Maddox, a contributor to Money Under 30, refinancing your home loan at the right time can help you secure a more favorable interest rate, lower your monthly payments, and shorten the life of your loan as well. Just make sure that whatever you’re paying for your refinance will be worth whatever money you’ll be saving. 

If you’re wanting to pay the least amount of money possible for your monthly mortgage costs, consider using the tips mentioned above to help you figure out how you can make this happen.