Your down payment could range from the cost of sending your kid to. a buyer would have to put down $53,100 for a median-priced house.
Saving money is the best way to accumulate the cash you’ll need to produce a down payment on a home. If you don’t have a goal in mind, however, it’s hard to know how much to save and for how.
If you earn $5,000 a month, that means your monthly house payment should be no more than $1,250. The calculator below will show you a ballpark figure for how much house you can afford based on your down payment amount and maximum house payment.
Example: You buy a house for $200,000. You have saved $40,000 for this purpose, so you bring a cashier’s check for a $40,000 down payment (which is 20 percent of the purchase price). As a result, you’ll only borrow $160,000, which you can pay off with a 30-year mortgage.
Monthly payment. If you opt for a 10 percent down payment ($35,000) on a $350,000 purchase instead of a 5 percent down payment ($17,500), that significant cash outlay will lower your principal and interest payments by $172 per month.
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In answering the question of how much to put down, it is useful to categorize borrowers into three groups, based on how much it is possible for them to put down. The Down Payment Decision: Borrower Can Put Nothing Down Borrowers who have no money for a down payment, have no down payment decision to make.
A down payment is the amount of cash you put toward the purchase of a home. It may be expressed as a percentage. For instance, it usually takes a 20 percent down payment to buy a home without private mortgage insurance. It may also be expressed as a dollar amount. As in, you have $15,000 available for a down payment.
· how much do i need to put down for a 375k to 400k home? I’m a first time buyer with a 644 credit score. Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.