How Much Is A Down Payment On A House?

Images by Getty Images; Illustration by Issiah Davis/Bankrate

Key takeaways

Contrary to popular belief, you don’t actually have to put down 20% of a home’s price to get a mortgage.
Some mortgages don’t require any down payment at all, and you can get a conventional mortgage with as little as 3% down.
However, a larger down payment can help you secure a lower interest rate, and putting down less than 20% will likely mean paying for mortgage insurance.

Most mortgage loans require a down payment, a percentage of the home’s value that you pay upfront. How much you should put toward a down payment depends on the home’s price, the type of loan you’re applying for and your financial situation.

How much is a down payment on a house?

You might have heard you’re required to put down 20% on a home, but in truth, you don’t have to pay that much upfront. Your down payment size will depend on the minimum amount required for the loan type you’re getting, as well as how much you have saved for the purchase.

For example, 3% is the minimum requirement for a conventional loan (if you qualify). A 3% down payment on a $400,000 home would come to $12,000, while a 20% down payment on the same home would be a much more significant $80,000.

The median down payment for all homebuyers in 2025 was 19%, according to the National Association of Realtors.

Bankrate insight

81% of aspiring homeowners — U.S. adults who have owned a home in the past or never owned a home but want to — say the down payment and closing costs pose a “very significant” or “somewhat significant” obstacle, according to Bankrate’s Home Affordability Report.

Minimum down payment requirements by loan type

Loan type	Minimum down payment
Conventional conforming loan	3%
Jumbo loan	10%
FHA loan	3.5%
VA loan	None
USDA loan	None
Second home or investment property loan	10%-25%

Conventional loan: 3% minimum

The down payment requirements for a conventional loan on a primary residence vary depending on the lender, the borrower and the property type. For example, first-time homebuyers and buyers with low-to-moderate incomes could qualify for a fixed-rate conventional loan with a 3% down payment.

However, not everyone qualifies for the lowest possible down payment amount. The amount you must put down will depend on your:

Whatever the minimum required down payment on your conventional loan, keep in mind that if you put down less than 20%, you’ll have to pay for private mortgage insurance (PMI), which increases your monthly payments.

Jumbo loan: 10% minimum

Jumbo loans are a specific type of conventional mortgage for higher-priced properties. In 2026, homes that cost more than $832,750, require a jumbo loan in most markets, though in high-cost areas, the limit may be as high as $1,249,125. Because of their size, jumbo loans typically require 10% down or more.

FHA loan: 3.5% minimum

If your credit score is at least 580, FHA loans require a minimum down payment of 3.5%. If you have a credit score between 500 and 579, you could still qualify, but you’ll need to put down 10%.

No matter how large your down payment on an FHA loan, though, you’ll be required to pay a mortgage insurance premium (MIP). There are two types of MIP: an upfront one paid at closing that’s 1.75% of the loan amount, and an annual one that’s added to your monthly mortgage payment. The annual MIP is based on the size of your down payment, your loan amount and your loan term, but it ranges from 0.15% to 0.75% of your total loan amount.

VA loan or USDA loan: No down payment required

Both of these agencies back zero-down payment loans for qualified homebuyers. VA loans are available to qualifying members of the armed forces, veterans and their surviving spouses; while USDA loans are available to qualified borrowers purchasing homes in designated rural areas.

Neither loan program requires mortgage insurance. However, with VA loans, you’ll pay a one-time funding fee, which ranges from 1.25% to 3.3%. USDA loans have an upfront guarantee fee of 1% of the loan amount and an annual fee of 0.35% of the average annual loan balance.

Second homes and investment properties: 10% to 25% minimum

If you’re buying a second home or an investment property with a conventional loan, the down payment requirement is usually higher than for a primary residence. Second homes typically start at 10%, and investment properties can require as much as 15% to 25%, depending on your creditworthiness and financial situation.

How to calculate your down payment

Here are some examples of how much the down payment on a house would be at different price points:

Home price	3% down	10% down	15% down	20% down
$300,000	$9,000	$30,000	$45,000	$60,000
$400,000	$12,000	$40,000	$60,000	$80,000
$500,000	$15,000	$50,000	$75,000	$100,000
$600,000	$18,000	$60,000	$90,000	$120,000
$700,000	$21,000	$70,000	$105,000	$140,000
$800,000	$24,000	$80,000	$120,000	$160,000

Use Bankrate’s mortgage down payment calculator to get a sense of how different down payment amounts impact your monthly mortgage payment, and the interest you can save by putting more money down.

How much should you put down on a house?

There’s no one right answer: The right amount to put down will depend on many factors, including your financial goals, your income, your other debts and the house itself.

Benefits of making a larger down payment

If you’re able to put a sizable amount down upfront, you’ll see some clear benefits:

More competitive offers: In a competitive housing market, a larger down payment can make your offer more appealing to sellers. Being able to put up more cash can inspire more confidence that your deal will close.
Lower mortgage rates: Larger down payments often correlate with lower mortgage interest rates, because smaller loans pose less risk for the lender.
Lower monthly payments: Borrowing less money also means a lower monthly mortgage payment, with less interest owed.
Cheaper closing costs: The fees you pay to your lender at closing are usually calculated as a percentage of your loan’s total value, so if you borrow less, your closing costs will be lower, too.
More equity: The greater the percentage of your home you own outright, the more equity you have right off the bat.

Benefits of making a smaller down payment

There are also some good reasons to put less money down:

It gets you in the door: If a down payment is your main obstacle to homeownership, making a lower one could be a smart way to get started.
More money for repairs or renovations: If you’re buying a home that needs work, you may choose to make a lower down payment so you have more cash on-hand to cover the costs.
Not draining your savings: By putting less down, you’re keeping money available to potentially use elsewhere.
Investing: While homes are generally seen as secure investments, some investors may prefer to put their money into the stock market, where they could see a higher return.

Frequently asked questions

Down payment assistance programs are typically geared toward first-time homebuyers. Assistance might take the form of a forgivable or deferred loan, a grant or a matched savings program. To find programs in your area that you might qualify for, check online with your state’s Housing Finance Agency (HFA) or your local municipality. Your lender or real estate agent might also be able to point you in the right direction, and you might also try Down Payment Resource, which offers an online eligibility and assistance look-up tool.
Yes. Mortgages backed by the VA and USDA are available without a down payment for qualified borrowers, and some commercial lenders or local credit unions may also offer no-down-payment mortgages. Keep in mind, though, that not putting any money down upfront means borrowing more, which also means paying more in interest over time.
In addition to the down payment, you’ll need to pay closing costs, which usually total between 2% and 5% of your loan amount. You’ll also need to budget for property taxes, homeowners insurance and private mortgage insurance (if putting down less than 20%). Your lender might also require you to prove that you have a reasonable amount of cash reserves — enough money leftover to cover a few months’ worth of mortgage payments and upkeep, if needed.