One of the most common questions people ask is how much do you need to put down on a house?
The answer is it’s probably less than you think. Potentially a lot less.
There are still widespread options that allow just 3% down, or even zero down. So it’s nowhere close to the old 20% rule you may think is still in place.
My down payment calculator below allows you to determine what you need based on the home price you want, or you can start with what you’ve already saved and work backwards from there.
Either way, you’ll see which loan types your down payment qualifies for, and how long it might take to save up to buy at a given price point.
Down Payment Calculator
Find out how much down payment you need for the home you want, how much home your savings can buy, or how close you are to your goal — and see which loan types your down payment qualifies for.
What Do You Know?
Your Numbers
Loan Program Fit
Compare Down Payment Amounts
Down Payment FAQ
How Much Down Payment Do I Need for a House?
It ultimately depends on the loan type. And also your monthly budget, which the loan amount dictates.
Conventional loans (Fannie and Freddie) can go as low as 3% down. FHA loans require 3.5% down with a credit score of 580 or higher.
VA loans and USDA loans both allow 0% down if you otherwise qualify. And jumbo loans typically want 10% or more, but those requirements vary by lender.
Of course, the minimum amount allowed isn’t always the best idea.
A larger down payment means a smaller loan amount, lower monthly payment, and possibly no mortgage insurance to boot.
Do I Really Need 20% Down?
No, you don’t need 20% down to buy a house.
That’s one of the biggest mortgage myths out there and likely rooted in the past when such down payments were common.
All a 20% down payment does is get you out of paying private mortgage insurance (PMI) on a conventional loan.
That’s the extra monthly cost lenders tack on if you come up with less than 20% to offset risk.
But PMI can be removed once you build enough equity (80% by request, 78% automatically).
The mortgage insurance on FHA loans works differently and is often in place for the life of the loan.
So ultimately, it’s a tradeoff. You can buy sooner with PMI, or wait and save more.
Perhaps buying sooner makes sense for you, perhaps it doesn’t. It depends on your timeline and how fast home prices are moving where you live.
What Costs Are There Besides the Down Payment?
The down payment is just one home buying cost to consider.
There are also countless closing costs for things like title, escrow, loan origination fees, lender fees, and so on.
They typically run 2% to 5% of the purchase price. On a $400,000 home, that’s roughly $8,000 to $20,000 on top of your down payment.
Some savvy buyers negotiate seller concessions to cover part of it, or a lender credit to offset some of the costs.
A good mortgage broker can help you shop lender fees or set up your loan so there aren’t many out-of-pocket costs.
Don’t forget moving costs either, or repairs, new furniture, etc. They can add up fast.
Try my closing cost calculator to determine what you might need beyond the down payment.
How Much House Can I Afford With My Savings?
Switch the calculator above to “I know my savings” and it’ll show you the max purchase price at different down payment percentages.
Just note that down payment is only one component of loan approval.
Lenders also look at your debt-to-income ratio (DTI) to decide how much you can borrow, which is driven by the down payment (and thus the loan amount).
In other words, you might have the cash set aside to buy a $500,000 home, but not the monthly income to qualify for the loan.
Does My Credit Score Affect How Much I Need to Put Down?
Sometimes yes.
Lower credit scores can result in a larger required down payment, a higher interest rate, and/or pricier mortgage insurance.
The FHA loan is the classic example. You can qualify with 3.5% down at 580 scores or higher, but scores below that threshold require 10% down.
And on conforming loans backed by Fannie and Freddie, you’ll be subject to costlier loan-level price adjustments (LLPAs), which can drive your mortgage rate higher and you monthly payment at the same time.
That too could jeopardize an approval if your DTI ratio is already stretched. So focus on keeping your scores up (and your bank account balance too)!
Read on: What credit score do you need to get a mortgage?
- Stuck Mortgage Rates Starting to Hurt the Real Estate Industry - October 21, 2026
- Mortgage Rates Move Lower Thanks to Record Low Pending Home Sales - October 20, 2026
- Fannie Mae Ups 2027 Mortgage Rate Forecast to 7.5% - October 19, 2026