20% is the common, run of the mill, amount for a down payment. With that said, many lenders today will permit for a lesser down payment. With first time buyer programs out there allowing for as little as 3%. What does that mean to you? Well putting down less of a down payment may mean higher costs, paying for private mortgage insurance, and even a small down payment can be a big chunk of money. Let’s say you put 5% down on a 200k home, that is still 10k down.
Check out our Mortgage Calculator , let it help you land your goal amount. A few tips for saving a down payment are setting aside tax refunds, bonuses, or maybe get an app that tracks your savings plan progress. Good Luck!