*All payments are estimated for demonstration purposes only and exclude property tax and homeowner's insurance.
Common down payments when using a conventional loan are 5%, 10%, and 20%. The minimum down payment is 3%. We estimate PMI where applicable using familiar PMI rates. Work with your lender to explore PMI options.
FHA loans require a minimum 3.5% down payment. Making a 5% or 10% down payment reduces the FHA MIP and overall payment.
VA loans typically do not require a down payment. Making a 5% or 10% down payment will decrease the VA funding fee, particularly if you have previously used your VA home loan benefits. The funding fee is generally waived if you recieve service related disability.
If you have an active VA loan and have no plans to pay it off when buying your new home, you may need to make a down payment. Use our VA entitlement calculator to determine how much.