How Much Should I Save for My Down Payment?

Understanding Down Payments Today

The old belief that you need 20 percent down is outdated. Most buyers put far less down.

Average Down Payments

• First-time buyers: around 6 percent

• Repeat buyers: around 14 percent

• FHA: 3.5 percent

• Conventional: 3–5 percent minimum

• VA: 0 percent

What Matters More Than Down Payment Size

• A stable emergency savings fund

• A monthly payment you feel comfortable with

• Avoiding draining all your savings

• Understanding closing costs

More down can lower your payment, but not if it empties your financial safety net.