How Much Down Payment Do You Need on a House?
Home Buying Mortgages How to Get a Mortgage 11 Min Read | Aug 6, 2024 By Ramsey Solutions By Ramsey Solutions Saving for a house is no walk in the park—unless that park is a mountain. In fact, nearly 3 of every 10 first-time home buyers say the most difficult step in the home-buying process is saving for a down payment.1 But when you set a clear goal, you can see a light at the end of the tunnel. So let’s figure out how much of a down payment you need so you know what to shoot for. What’s a good down payment amount? Well, everyone has a different idea on this. But if you want your home to be a blessing, not a curse, you need to get this right. We’ll walk you through the smartest way to decide how much of a down payment you need. But first, let’s be clear on what exactly a home down payment is. What Is a Down Payment?A down payment is a portion of the total home price you pay out of pocket before financing the rest with a mortgage. How Much Should I Pay for a Down Payment?Aim for a down...