## How much down payment do you need to buy a home?

Traditionally, you needed to have a down payment of between 10% and 20% of your home costs saved up before you purchased a home. Mortgage lenders tried to protect themselves by having those standards, because it indicated that you likely would be more responsible with their money.

## What is the minimum down payment for a conventional loan?

The minimum down payment for a conventional loan is 3%, but this is a program for low-income borrowers. So, there are specific guidelines and income limits. There’s also a program that only requires 5% down, and we’ll talk about that too.

## How do you calculate down payment on a home?

Rules of thumb for quickly estimating down-payment amounts:10% down: remove the far right number from the home’s price20% down: take the 10% number & double it5% down: take the 10% number & divide it by 2

## How to calculate down payment?

You can calculate your minimum down payment by adding 2 amounts. The first amount is 5% of the first $500,000, which is equal to $25,000. The second amount is 10% of the remaining balance of $100,000, which is equal to $10,000. Add both amounts together which gives you total of $35,000.