How Much Down Payment Do I Need for a $300,000 House?

Examples for a $300,000 purchase price

A 3% down payment equals $9,000; 3.5% equals $10,500; 5% equals $15,000; 10% equals $30,000; and 20% equals $60,000. Actual loan requirements, mortgage insurance, fees, and eligibility depend on the loan program and lender.

Down payment examples

Use the Down Payment Calculator to change the purchase price, savings, closing-cost estimate, and timeline.

Do these percentages match a loan program?

Not automatically. Conventional, FHA, VA, and USDA programs have different rules. Some eligible buyers may have low- or no-down-payment options; those options can still have funding fees, mortgage insurance, closing costs, income rules, property rules, or other conditions. Do not assume that 3%, 3.5%, or 20% is available for every borrower or property.

Verify terms with CFPB loan-type guidance, HUD, VA, and USDA.

Remember costs beyond the down payment

Closing costs, prepaid taxes, homeowners insurance, inspections, moving expenses, immediate repairs, and a post-closing reserve are separate planning items. A $15,000 down payment does not necessarily mean $15,000 is enough cash to complete the purchase.

Review Home Buying Costs and Mortgage Closing Costs.

How to choose a down-payment target

Compare how different down payments change loan amount, LTV, monthly payment, mortgage insurance, and cash left after closing. A larger down payment may reduce the monthly loan payment, but it can also leave less money for repairs or emergencies. Use a household budget and written Loan Estimate rather than aiming at a percentage only.

Frequently Asked Questions

Is 3% down available to everyone?

No. Low-down-payment options have program and lender requirements. Check current product rules and eligibility.

Does 20% down always remove mortgage insurance?

Not across all loan types. Rules depend on the program and loan structure. FHA, VA, USDA, and conventional insurance or fee arrangements differ.

Do I need to pay closing costs too?

Yes, most buyers should plan for separate transaction expenses and prepaid items. Some may be covered by credits or assistance, subject to rules.

How can I estimate the monthly saving target?

Use the Down Payment Calculator to combine a target deposit, existing savings, costs, reserve, and timeline.

How the Down-Payment Examples Were Built

Each example applies the stated percentage to a $300,000 purchase price. For example, a 10% down payment is calculated as $300,000 × 0.10 = $30,000. The remaining purchase price is the amount that would need to be financed before considering other transaction costs.

These percentages illustrate planning scenarios rather than requirements for every borrower. Minimum down-payment rules vary by loan program and borrower circumstances, and a larger down payment can change the loan amount, loan-to-value ratio, PMI considerations, and cash needed at closing.

Sources and Further Reading

These primary-source resources provide more detail. Program rules, consumer protections, local taxes, insurance contracts, and lender terms may change; check current materials that apply to the specific transaction.

Educational information only. Homeownership Numbers is not a lender, mortgage broker, financial adviser, tax professional, insurance company, or government agency. This page is not personalized financial, legal, tax, insurance, or lending advice. Program terms and local rules can change; verify details with current official sources and qualified professionals.