How much should I put down on a house?
Use our Down Payment Calculator to estimate how much you should put down on a home and which loan options work best for you.
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What is a down payment?
A down payment is what you pay upfront and out of pocket for a home. Your down payment offsets how much money you need to borrow for a mortgage, which covers the remaining cost of the home.
For example, let's say you want to buy a home that costs $250,000. You have $25,000 in savings to make a down payment, covering 10% of the home's value. That means your mortgage will have to cover the remaining 90% of the purchase, or $225,000.
Conventional wisdom might tell you to put down at least 20% of the home's value, and that may be right for those with significant savings or an existing home to sell. For others, it may be better to put down a lesser amount and start building equity. Just know that when you put down an amount less than 20%, you might be required to pay for mortgage insurance, which is an additional cost that's bundled into your monthly payment. But, don't fret! Mortgage insurance is only temporary, and once you've established 20% or more equity in your home, you won't need to pay for that additional amount anymore.
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