How Much Down Payment Do I Need?

The required down payment depends on the loan type. Conventional loans typically require as little as 3 to 5 percent down, while FHA loans require just 3.5 percent. VA and USDA loans offer zero down payment options for eligible borrowers. Putting 20 percent down allows you to avoid private mortgage insurance on a conventional loan, which can save you $100 to $300 or more per month. Down payment assistance programs are also available in many areas and can help cover part or all of your down payment.