Mortgage education
Do You Really Need 20% Down?
Think about the down payment alongside closing costs, monthly costs and the cash you want to keep available.
There is not one number for every buyer
You do not always need a 20% down payment. The amount depends on the loan program, lender and your circumstances. A smaller down payment can make buying sooner possible, but it may come with mortgage insurance or a higher monthly cost.
More down is not automatically the best use of your cash
A larger down payment reduces the amount you borrow. It can also affect pricing. But moving costs, repairs and the costs of closing do not disappear because you put more down. Compare the full picture instead of focusing on a single percentage.
Separate the down payment from cash to close
The down payment is only one part of what you may need at closing. Ask for a breakdown of lender charges, other closing costs and prepaid expenses. Compare options using the same purchase assumptions.
Questions to ask me
- What loan options fit my situation?
- How would different down payments change the monthly cost and cash needed at closing?
- What cash would I have left after moving?
General education, not a loan approval or individualized recommendation. Program availability and conditions vary.
Start with a conversation.
Share your goal and the questions on your mind. No full application or financial documents are needed here.