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What is a typical down payment on a house?

The typical down payment on a house is between 3% and 20% of the purchase price. The amount you’ll be required to put down may vary depending on the loan program you use to finance the home purchase. Government-backed loans like VA and USDA allow for down payments as low as 0%.

How do you use a down payment to buy a house?

To use it: Input your minimum down payment. This is the lowest amount of money you’re able to put toward your home purchase. If you’re getting a conventional mortgage loan, for example, your down payment might be as little as 3 percent of the home’s price. Input your maximum down payment.

What is the minimum down payment for a $500k house?

Your minimum down payment needed for a $500K house with a conforming loan can be $15,000. FHA loans are partly guaranteed by the Federal Housing Administration (FHA). Expect: However, high mortgage insurance premiums can make them more costly overall. Worse, you’ll have to pay private mortgage insurance for the lifetime of your home loan.

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