{"id":39594,"date":"2020-02-24T14:00:57","date_gmt":"2020-02-24T22:00:57","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=39594"},"modified":"2023-02-09T15:50:56","modified_gmt":"2023-02-09T23:50:56","slug":"how-much-down-payment-do-you-need-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/","title":{"rendered":"How Much of a Down Payment Do You Need to Buy a House?"},"content":{"rendered":"<p>For most homebuyers, the down payment is the biggest hurdle. Sure, you might have a few thousand saved up in a bank account somewhere, but tens of thousands? Probably not.<\/p>\n<p>Trying to figure out how much down payment for a house you need can feel overwhelming \u2014 but we can help. For many, a massive down payment isn\u2019t necessary. In fact, depending on your financial profile and the loan programs you qualify for, you might not need one at all.<\/p>\n<p><b>Here\u2019s how to determine how much you\u2019ll need for a down payment on a house:<\/b><\/p>\n<ul>\n<li><a href=\"#what-is-down-payment\">What is a down payment?<\/a><\/li>\n<li><a href=\"#how-much-down-payment-do-you-need-to-buy-house\">How much down payment do you need to buy a house?<\/a><\/li>\n<li><a href=\"#determining-how-much-down-payment-for-house-you-need\">Determining how much down payment for a house you need<\/a><\/li>\n<\/ul>\n<p><a name=\"what-is-down-payment\"><\/a><\/p>\n<h2>What is a down payment?<\/h2>\n<p>A down payment is essentially money you put toward your house up front. The more you put down, the more of the home you technically own, and the lower your mortgage loan balance will be.<\/p>\n<p>Generally, making a larger down payment will qualify you for better terms and interest rates on your loan. It will also mean a lower monthly payment and less interest paid over the life of your mortgage.<\/p>\n<p><b><i>Find Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\"><b><i>How to Get the Best Mortgage Rate<\/i><\/b><\/a><\/p>\n<p><a name=\"how-much-down-payment-do-you-need-to-buy-house\"><\/a><\/p>\n<h2>How much down payment do you need to buy a house?<\/h2>\n<p>There\u2019s no hard-and-fast number you\u2019ll need for a down payment. It really depends on what type of loan product you qualify for, your budget, and the price of the home you\u2019re looking at.<\/p>\n<p>Let\u2019s look at a few factors you should consider when determining your down payment amount.<\/p>\n<p><em><strong>Keep Reading: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-save-for-down-payment\/\">How to Save for a Down Payment on a House<\/a><\/strong><\/em><\/p>\n<h3>What loans are you eligible for?<\/h3>\n<p>The first thing you\u2019ll need to know is what <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage loans<\/a> you\u2019re eligible for. Here are some of the main types of mortgages and how you might be eligible:<\/p>\n<ul>\n<li><b>Conventional loan: <\/b>If you have a solid credit score, you might be eligible for a conventional loan, which requires just 3% down for some borrowers. But in a competitive home market, sellers typically prefer a 20% down payment.<\/li>\n<li><b>FHA loan:<\/b> If you\u2019re a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer\/\">first-time homebuyer<\/a> or have less-than-great credit, an FHA loan may be a better choice. These loans require 3.5% to 10% down at minimum, depending on your credit profile.<\/li>\n<li><b>VA loan: <\/b>This is for veterans and military members (and you might need no down payment at all).<\/li>\n<li><b>USDA loan: <\/b>This is for rural home purchases (and you might need no down payment at all).<\/li>\n<\/ul>\n<h3>Low and zero down payment options<\/h3>\n<p>It can be tempting to take advantage of the low and <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/zero-down-mortgage\/\">no-down payment options<\/a> mentioned above, but it\u2019s important to remember the consequences of putting down the bare minimum on your home purchase.<\/p>\n<p>For one, it will mean a higher loan balance, a larger monthly payment, and a higher interest rate \u2014 and, ultimately, that all means more interest paid in the long run. Additionally, you might also need mortgage insurance if your down payment is too low. This can add both an up-front fee at closing, as well as more to your monthly mortgage payments.<\/p>\n<h3>A 20% down payment isn\u2019t necessary \u2014 but could be smart<\/h3>\n<p>Many claim that a 20% down payment is a must for buying a home, but as you can see from the previous sections, that\u2019s just not true. That doesn\u2019t mean a 20% down payment isn\u2019t smart, though.<\/p>\n<p>If you can swing it, a 20% down payment can help you out as a homeowner. It means:<\/p>\n<ul>\n<li>No mortgage insurance (typically 0.5% to 1% of your mortgage)<\/li>\n<li>A smaller loan balance<\/li>\n<li>A lower interest rate<\/li>\n<li>Lower monthly payments<\/li>\n<li>Less interest paid over time<\/li>\n<\/ul>\n<p>A larger down payment also means you have a bigger equity stake on day one. Essentially, if you were to turn right around and sell the property, you\u2019d stand to make more (assuming the property doesn\u2019t lose value).<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\">To get a feel for just how impactful a 20% down payment can be, let\u2019s look at an example.<\/p>\n<p>Say you\u2019re buying a $250,000 home at a 4% interest rate. In Scenario A, you put 3% down ($7,500). In Scenario B, you put down 20% ($50,000). Here\u2019s how your total costs look:<\/p>\n<ul>\n<li><b>Scenario A:<\/b> $1,158 monthly payment; $174,284 total interest paid over time<\/li>\n<li><b>Scenario B: <\/b>$955 monthly payment; $143,739 total interest paid over time<\/li>\n<\/ul>\n<p>That\u2019s a difference of more than $30,000 over the course of a 30-year loan (or about $1,000 each year).<\/div><\/div>\n<h3>So, how much down payment can you afford?<\/h3>\n<p>The real question you need to answer is how much can you afford. Here are a couple things to keep in mind:<\/p>\n<ol>\n<li><b>Monthly payment: <\/b>Determine what monthly mortgage payment you can comfortably handle given your current debt and <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/income-required-for-mortgage\/\">household income<\/a>. A good mortgage calculator can help with this. Remember that the more you put down, the lower your payments will be, while smaller down payments will increase them.<\/li>\n<li><b>Fees and costs: <\/b>Make sure you have enough for extra costs. In addition to your down payment, you\u2019ll also have your closing costs, which usually amount to anywhere from 2% to 5% of the home\u2019s total purchase price. You\u2019ll also have fees for your home inspection, moving costs, and other expenses, and you\u2019ll want to save some funds for eventual maintenance and home repairs, too.<\/li>\n<\/ol>\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer-down-payment\/\">First Time Homebuyer? Here&#8217;s How to Get the Money for Your Down Payment<\/a><\/strong><\/em><\/p>\n<p><a name=\"determining-how-much-down-payment-for-house-you-need\"><\/a><\/p>\n<h2>Determining how much down payment for a house you need<\/h2>\n<p>There\u2019s a lot you should consider when determining what to put down on a house. If you\u2019re unsure of the best move for your finances, consider talking to a loan officer, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/working-with-mortgage-broker\/\">mortgage broker<\/a>, or financial advisor. They can help you weigh the pros and cons of each option and point you in the right direction.<\/p>\n<p>Make sure you also <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/preapproval\/\">get pre-approved for your mortgage<\/a> before you begin the home search, too. This can give you a leg up on other borrowers and help you set a more accurate homebuying budget.<\/p>\n<p>Credible makes it easy to compare lending options.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>For most homebuyers, the down payment is the biggest hurdle. Sure, you might have a few thousand saved up in a bank account somewhere, but tens of thousands? Probably not. Trying to figure out how&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">Continue reading<\/a><\/p>\n","protected":false},"author":101,"featured_media":39601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1565,1524,1528],"class_list":["post-39594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-down-payment","tag-mortgage-purchase","tag-mortgage-rates-sidebar-no-table","how-much-down-payment-do-you-need-to-buy-a-house","post_tag-down-payment","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar-no-table"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much of a Down Payment Do You Need to Buy a House? - Credible<\/title>\n<meta name=\"description\" content=\"Find out how much down payment for a house you\u2019ll really need.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much of a Down Payment Do You Need to Buy a House? - Credible\" \/>\n<meta property=\"og:description\" content=\"Find out how much down payment for a house you\u2019ll really need.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\" \/>\n<meta property=\"og:site_name\" content=\"Credible\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/crediblelabs\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-24T22:00:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-09T23:50:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/02\/how-much-down-payment-for-a-house.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1476\" \/>\n\t<meta property=\"og:image:height\" content=\"591\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Aly J. 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