{"id":48601,"date":"2021-08-03T18:08:47","date_gmt":"2021-08-04T01:08:47","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=48601"},"modified":"2024-09-27T10:21:16","modified_gmt":"2024-09-27T17:21:16","slug":"how-much-money-for-a-home-down-payment","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/","title":{"rendered":"How Much Is A Down Payment On A House? It Really Depends."},"content":{"rendered":"<p><span style=\"font-weight: 400;\">While the typical conventional down payment for a home is 20%, the percentage you put down is not set in stone. Of course, the larger the down payment, the more stable your offer can appear and potentially entice sellers to accept your offer. This guide covers all the key factors to consider when determining the ideal down payment for your future home.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is a Down Payment?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A downpayment is the cash amount you pay upfront when you are purchasing a home, typically calculated as a percentage of the price. As this amount is usually a percent of the purchase price, a less expensive home will result in a lower down payment and a higher priced home- a larger down payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Down payment percentages are flexible, but they can alter your monthly payment, interest rate, and total interest paid on the loan term.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is the Minimum Down Payment?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Depending on your home price and loan type, the down payment required will vary. For some loans, such as USDA and VA loans, <em><strong>there is no minimum requirement for a down payment<\/strong><\/em>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, to give you an idea, according to the <\/span><a href=\"https:\/\/www.nar.realtor\/sites\/default\/files\/documents\/2023-profile-of-home-buyers-and-sellers-highlights-11-13-2023.pdf\"><span style=\"font-weight: 400;\">National Association of Realtors<\/span><\/a><span style=\"font-weight: 400;\">, the typical down payment in 2023 for first-time home buyers and repeat buyers was 8% and 19%, respectively.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Down Payment Percentages Change Based on Loan Type<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">Conventional Loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The downpayment on <a href=\"https:\/\/www.movoto.com\/blog\/conventional-loan-definition-what-is-it-and-is-it-right-for-you\/\">conventional loans<\/a> can be as low as 3-5%, but the traditional rate is closer to 20%. However, having a lower down will alter your monthly payments and total interest paid over term. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, if your downpayment is less than 20%, you\u2019ll be required to pay Private Mortgage Insurance (PMI), which is a safety net that protects the lender <\/span><span style=\"font-weight: 400;\">in case you default on the loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Let\u2019s look at some scenarios to compare how your down payment changes your monthly payments and total loan cost.<\/span><\/p>\n<p><b>5% down payment on $400,000 home at interest rate of 6% over 30 years<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li>$20,000 down\n<ul>\n<li>$2,280 monthly payment (principal &amp; interest only)<\/li>\n<li>~$350 monthly PMI<\/li>\n<li>$820,000 total loan cost (over 30 years)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>20% down payment on $400,000 home at interest rate of 6% over 30 years<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">$80,000 down\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$1,920 monthly payment (principal &amp; interest only)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">$690,000 total loan cost (over 30 years)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">FHA Loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">For <a href=\"https:\/\/www.movoto.com\/blog\/what-is-an-fha-loan-and-who-can-apply-for-one\/\">FHA loans<\/a>, which are backed by the Federal Housing Administration, the minimum down payment is usually much lower, often around 3.5% with a credit score of at least 580.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While these seem like low percentages, there are also more rigorous inspections and qualifications needed to close an FHA loan. These loans also require Mortgage Insurance Premiums (MIP), which are similar to PMI and are required regardless of the down payment amount.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Examples:\u00a0<\/span><\/p>\n<p><b>3.5% downpayment on $400,000 home at interest rate of 6% over 30 years\u00a0<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$14,000 down<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$2314 monthly payment (principal &amp; interest only)\u00a0<\/span><\/li>\n<li aria-level=\"1\">~$278 monthly MIP<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">$833,000 total loan cost (over 30 years)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>10% downpayment on $400,000 home at interest rate of 6% over 30 years\u00a0<\/b><b><\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">$40,000 down<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$2,158 monthly payment (principal &amp; interest only)\u00a0<\/span><\/li>\n<li aria-level=\"1\">~$244 monthly MIP<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">$697,000 total loan cost (over 30 years)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Jumbo Loan<\/h3>\n<p><span style=\"font-weight: 400;\">Since jumbo loans can\u2019t be guaranteed by Government-Sponsored Enterprises (GSEs), lenders typically require higher down payments to offset their risk. Most lenders ask for a minimum down payment of 10% of the home&#8217;s value, though some may require as much as 30%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your down payment is less than 20%, you&#8217;ll likely need to pay for PMI until you have at least 20% equity in your home.<\/span><\/p>\n<p><b>10% downpayment on $400,000 home at interest rate of 7% over 30 years\u00a0<\/b><b><br \/>\n<\/b><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-weight: 400;\">$40,000 down<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$2,395 monthly payment (principal &amp; interest only)\u00a0<\/span><\/li>\n<li aria-level=\"1\">~$244 monthly MIP<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">$862,000 total loan cost (over 30 years)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>30% downpayment on $400,000 home at interest rate of 7% over 30 years\u00a0<\/b><b><\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">$120,000 down<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$2,192 monthly payment (principal &amp; interest only)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$486,770 total cost of mortgage<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Investment Property Loan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Loans for investment properties, including rental homes or residential properties with multiple units, often have stricter requirements compared to loans. These properties are perceived as higher risk because they rely on rental income, so the down payment usually ranges from 15% to 25%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exact percentage varies based on the lender and the borrower&#8217;s credit score. Higher down payments can lead to better loan terms and interest rates.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">USDA Loan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Backed by the U.S. Department of Agriculture&#8217;s Rural Development program, <a href=\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\">USDA loans<\/a> are another option that don\u2019t require a minimum down payment. Though these loans do not have PMI, they include an upfront guarantee fee and an annual fee, serving the same protective purpose for lenders.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">VA Loan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Backed by the U.S. Department of Veterans Affairs, <a href=\"https:\/\/www.movoto.com\/blog\/veteran-mortgage-loans-guide\/\">VA loans<\/a> are available to veterans and active military members as well as eligible surviving spouses. They have a 0% minimum downpayment and don&#8217;t require PMI. However, they do have a funding fee that is typically paid upfront or included in the loan amount.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Benefits of a Larger Down Payment<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019re able to make a larger down payment, you\u2019ll experience some significant benefits, including:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Better interest rates<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Increased home equity upfront<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Lower monthly payments<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Lower total loan cost<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Avoid PMI<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Greater loan approval odds<\/span><\/li>\n<li><span style=\"font-weight: 400;\">More attractive offer to sellers<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How Much Should You Put Down on a House?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Every home is different, and so is every offer. The amount you choose to put down will largely depend on your personal finances and priorities. You don\u2019t want to bite off more than you can chew, so it\u2019s important to take all the costs associated with homeownership into account before making an offer. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are certain questions to ask when buying a home, and we want to make sure you always feel confident in your answers. From factoring in <\/span><a href=\"https:\/\/www.movoto.com\/blog\/seller-concessions\/\"><span style=\"font-weight: 400;\">seller concessions<\/span><\/a><span style=\"font-weight: 400;\"> to acquiring a <\/span><a href=\"https:\/\/www.movoto.com\/blog\/proof-funds-acceptable-ways-show\/\"><span style=\"font-weight: 400;\">proof of funds letter<\/span><\/a><span style=\"font-weight: 400;\"> to get a <\/span><a href=\"https:\/\/www.movoto.com\/preapproval\/\"><span style=\"font-weight: 400;\">mortgage preapproval<\/span><\/a><span style=\"font-weight: 400;\">, Movoto is here to help you <\/span><span style=\"font-weight: 400;\">learn about the process of becoming a homeowner.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the typical conventional down payment for a home is 20%, the percentage you put down is not set in stone. Of course, the larger the down payment, the more stable your offer can appear and potentially entice sellers to accept your offer. This guide covers all the key factors to consider when determining the ideal down payment for your future home. What is a Down Payment? A downpayment is the cash amount you pay upfront when you are purchasing a home, typically calculated as a percentage of the price. As this amount is usually a percent of the purchase [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":48603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,223,63],"tags":[49,172,176,75,84,111,85,86,192,166],"class_list":["post-48601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basics","category-buying","category-finance","tag-buying-a-home","tag-credit-score","tag-down-payment","tag-fha-loan","tag-interest-rates","tag-mortgage","tag-mortgage-loan","tag-mortgage-rates","tag-private-mortgage-insurance","tag-va-loan","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Here&#039;s Why A Home Down Payment Can Vary So Much {Based On Sep 2024 Data}<\/title>\n<meta name=\"description\" content=\"How Much is a Down Payment on a House? This guide explores how down payments vary and what yours should be based on. A down payment makes up the difference between the loan amount given to you by the bank and the total cost of the home.\" \/>\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.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here&#039;s Why A Home Down Payment Can Vary So Much {Based On Sep 2024 Data}\" \/>\n<meta property=\"og:description\" content=\"How Much is a Down Payment on a House? This guide explores how down payments vary and what yours should be based on. A down payment makes up the difference between the loan amount given to you by the bank and the total cost of the home.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/\" \/>\n<meta property=\"og:site_name\" content=\"Movoto Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MovotoRealEstate\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-04T01:08:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-27T17:21:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.movoto.com\/blog\/wp-content\/uploads\/2021\/02\/blog-down-payment2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jerimiah Taylor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@movoto\" \/>\n<meta name=\"twitter:site\" content=\"@movoto\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jerimiah Taylor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/\"},\"author\":{\"name\":\"Jerimiah Taylor\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/4de04c244ca32a5e3ae378d40f3f6c92\"},\"headline\":\"How Much Is A Down Payment On A House? 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