The down payment on your house is the amount you pay the lender upfront in order to secure the loan. The amount differs based on what you can afford, and the loan requirements that vary according to the lender.

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June 28, 2017
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Down Payment

Related Terms: Down Payment Grant, Minimum Down Payment, Low Down Payment
The down payment is a percentage of the purchase price and the initial “upfront” payment made when buying property. The down payment is essentially seen as your investment in the mortgage, since you stand to lose it if you default on the monthly payments that come after. 
Down Payment
The down payment you put down for a house can influence different parts of the mortgage:
  • By knowing the amount you can afford to put down, you can calculate whether a fixed or adjustable rate mortgage may benefit you most.
  • Your lender may require that you pay a fee for private mortgage insurance if the down payment isn’t high enough.
  • A larger down payment usually means a lower interest rate, and vice versa.
Different lenders require a different percentage as down payment. For conventional loans, lenders expect a down payment of anywhere between 5 and 20 percent. However, many first-time home buyers find it difficult to put down such a large amount. In this case, FHA loans in particular require at least 3.5 percent, no matter what state you reside in.