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No matter how much you pay, figuring out the down payment is a crucial step toward becoming a homeowner.
There’s really no magic number when it comes to down payments. Some conventional loans require as little as 3% down, but you can pay up to 20% or more to avoid paying private mortgage insurance (PMI). Ultimately, how much you put down should depend on your unique situation. Consider your holistic picture, including savings, income, and other debts or financial priorities.
Go high: Perks of a higher down payment
Or go low: Perks of a smaller down payment
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This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.
With the Truist Online Savings Account, you can save for emergencies and other life goals—like a bigger down payment on your next home.
Start with $50. Or $10. Or even just $5. There’s no minimum deposit required to start your account.1
Wherever life’s next chapter takes you, you can easily access your savings online or through the app.
Because it shouldn’t cost a lot when you’re trying to save money.