There are three things that affect your mortgage payments: the amount financed, the term of the loan (i.e., how many years to pay off), and the interest rate. So the more money you put down on the house--all other things being equal--the lower your monthly payments will be. If 70K is all you have in the world, I would hold some back for expenses that arise when moving into a new home. But if the 70k is over and above other savings, then by all means lower your payments.
But no matter how much you put down, you will have to begin making monthly payments within 30 to sixty days of closing on the house.
By the way, you might try negotiating a more favorable interest rate with the lender based on the fact that you are making a down payment of 35% of the value of the house.