See how your down payment size changes your loan amount and whether you'll pay for mortgage insurance.
PMI is estimated at 0.75% of your loan annually — your actual rate depends on your credit score and loan program.
Get Matched With a Buyer's AgentThe old rule of "20% down" is a guideline, not a requirement. Conventional loans can go as low as 3% down, FHA loans require 3.5%, and VA and USDA loans allow qualifying buyers to put down 0%. The trade-off: anything below 20% on a conventional loan usually means paying private mortgage insurance (PMI) until you build enough equity to have it removed.
A smaller down payment gets you into a home sooner but raises your monthly payment and total interest paid over the life of the loan. A buyer's agent can help you weigh that trade-off against your timeline and cash reserves.