When it comes to buying a home, the down payment is like the bouncer at the door: you've got to impress it before you can get in. But how much do you really need to save? Spoiler alert: it's probably less than you think.
You've likely heard that you need 20% of the home's price for a down payment. While this is a great goal (it helps you avoid Private Mortgage Insurance, or PMI), it's not mandatory.
Reality Check: The average down payment for first-time homebuyers is closer to 6%-7%, according to industry stats.
Let's crunch the numbers. If you're eyeing a $300,000 home:
Now factor in closing costs (2%-5% of the home price) to avoid surprises.
Your down payment isn't the only expense. Leave room for an emergency fund, moving costs, and new-home essentials (like a couch to collapse on after unpacking).
Not sure how much you'll need? The Real Estate Mortgage Calculator Platform makes it easy. Enter your dream home price and see a breakdown of down payment options, estimated monthly payments, and additional costs. It's like having a financial planner—without the hourly fee.
You don't need 20% down to buy a home. With options as low as 3%, you can get the keys to your dream house sooner than you think.
Ready to see what's possible? Start crunching numbers with the Real Estate Mortgage Calculator Platform and make your homeownership dreams a reality.
Get instant insights into your mortgage possibilities with our free calculator:
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