If you’ve been following me for a while, you know that you don’t need 20% down to buy a home.
But in most cases, you do still need to put some money down. That might leave you wondering how much you need to have saved.
Your down payment is usually calculated as a percentage of the purchase price of a home. As a result, the cheaper the home, the less money you’ll need to put down to purchase it.
This handy guide shows you how much you need to have as a down payment for differently priced properties.
Remember: the more you put down, the less you’ll pay in interest over the life of your loan since your down payment goes towards the principal.
Deciding how much to put down when you buy a home is a personal choice, but your real estate agent and lender can help you make the right decision.