CASH ON CASH

[Mo Ahmad]

Hi,
based on my understaning COC metric works well when you put a 20% down. But if someone is putting a 3.5% down payment, does Cash on Cash really matters then?
I used the same property and kept all other factors same, only thing different was

1st analysis had 3.5% down. 

while 2nd analysis had 20% down payment. (this anlysis had a much better Cash On Cash return.

Please shed some light on this observation. Thanks in advance.