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How much should I save for a down payment?

8 Answers

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  • Rita
    Lv 6
    1 month ago

    Also, it continues—in most cases—until your loan value is paid down to 80% or less. It is best to have a down payment of 20% to get the lowest possible loan interest rate and avoid the need for private mortgage insurance.

  • 1 month ago

    Anywhere from 15-30% of the sale price of the house you want. It depends on a couple of factors:  what sort of mortgage have you applied for is the most important. A VHA or FHA mortgage will require a lower down payment than a conventional, bank-approved mortgage. And it will also depend on what sort of other costs you may have in your offer--such as inspection-dependency or repairs that are obviously needing done. 

  • 1 month ago

    That generally is 15 to 20% of the selling price. 

  • Maxi
    Lv 7
    1 month ago

    Depends on what you earn and what mortgage you are able to secure... the rest of the costs need to be savings, although at least 10% of the asking price as minimum

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  • 1 month ago

    You'll need at least 10% of the property value, plus sufficient savings to pay for legal fees, taxes / stamp duty as applicable etc

  • Rick B
    Lv 7
    1 month ago

    Depends.  At least 20% if you want to avoid PMI each month.  With interest rates exceptionally low, a large downpayment may not make much sense.

    Again, these are questions to discuss with your realtor.  Get a realtor to represent you and they will help you with all of this.  It will cost you NOTHING since the seller pays the realtor fees.  

  • ?
    Lv 7
    1 month ago

    For a house, at least 20% of the value of the house. 

  • 1 month ago

    Down payment on a house? Car? What year was the thing built and what type is it? All of those determine how much you should expect to pay for a DP. Can u come up with that info and repost again?

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