Enter the price of the property, the down-payment (or only the loan amount for a refinance), the number of years, and fixed interest rate of the loan.
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How much do I need to put down?
A down payment of 20% or more helps you get a lower interest rate and avoid paying private mortgage insurance (PMI). But you do not need that much. These loans have lower down payment options for home buyers:
- Fixed-rate conventional loans like the 30-year fixed and 15-year fixed usually require a down payment of at least 3%
- FHA loans have a minimum down payment of 3.5% for both fixed and adjustable rates.
- USDA loans are available with no down payment for properties in rural areas.
Keep in mind that your minimum down payment may be higher if you're buying a second home or an investment property. Ask a Home Loan Expert about your options.
Definitions
- LOAN AMOUNT
- Original or expected balance for your mortgage.
- YEARS
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- INTEREST
- Annual fixed interest rate for the loan amount.
- MONTHLY PAYMENT (PI)
- Monthly principal and interest payment (PI).
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