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Planning for your down payment

Plan for your down payment

Your down payment is an important step in your homebuying process.
Here are a few tips to help you understand what a down payment is and how it affects your mortgage.

Down payments 101

  • A down payment is the money you pay at closing towards the cost of your new home.
  • The down payment is applied to the purchase price of the home. So, if your home is $100,000 and your down payment is 20%, you'll pay $20,000 at closing. The remaining $80,000 is your loan balance.
  • The larger the down payment, the smaller your loan and monthly payment.
  • While 20% down isn't required for conventional loans, anything less could require you to pay Private Mortgage Insurance (PMI). PMI helps repay your lender if you don't pay your loan.
  • Some loans allow qualified buyers to have a lower down payment. For example, a Federal Housing Administration (FHA) loan requires only 3.5% down, while a loan from the U.S. Department of Veterans Affairs (VA) may not require any down payment.

 

The inside scoop

Learn about down payments from a mortgage professional and get real life advice from first-time homebuyers.

Down payment amount videoOpens Overlay

Funding your down payment

There are many ways to fund your down payment. Here are a few possibilities.

Move on to credit score

How much home can you afford?

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