{"id":26089,"date":"2026-04-02T07:00:00","date_gmt":"2026-04-02T14:00:00","guid":{"rendered":"https:\/\/movinghelpblog.uhaul.net\/?p=26089"},"modified":"2026-04-02T11:51:25","modified_gmt":"2026-04-02T18:51:25","slug":"how-much-should-you-have-for-a-down-payment","status":"publish","type":"post","link":"https:\/\/www.movinghelp.com\/move\/how-much-should-you-have-for-a-down-payment\/","title":{"rendered":"How Much Should You Have for a Down Payment?"},"content":{"rendered":"\n<p>How much is a down payment on a house?&nbsp;That\u2019s&nbsp;the magical question, especially from first-time homebuyers. The answer depends on each individual person for how much&nbsp;should you&nbsp;have for a down&nbsp;payment.<\/p>\n\n\n\n<p>A down payment lowers the overall loan amount, and&nbsp;it\u2019s&nbsp;a percentage of the total cost of a home. The typical down payment ranges from 3 percent to 20 percent depending on several factors.<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.movinghelp.com\/\">Moving Help\u00ae Marketplace<\/a>&nbsp;will explain its important and explore strategies for effective home purchasing.<\/p>\n\n\n\n<p><strong>Editor\u2019s Note:&nbsp;<\/strong><em>Moving Help has provided this article for informational purposes only. We are not mortgage lender experts. For any questions or advice&nbsp;regarding&nbsp;loans, please consult with a qualified mortgage lender to help you.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Understanding Down Payments<\/h2>\n\n\n\n<p>When it comes to buying a home, a down payment is one part of the equation. When you&nbsp;purchase&nbsp;a home, homebuyers typically take out a loan. A down payment lowers the amount owed on the overall loan.<\/p>\n\n\n\n<p>The higher the down payment you put down, the better loan terms and potentially lower\u00a0<a href=\"https:\/\/www.movinghelp.com\/move\/housing-mortgage-rates\/\">interest rates<\/a>\u00a0you can receive.\u00a0Interest rates have held steady after the recent\u00a0<a href=\"https:\/\/www.movinghelp.com\/move\/federal-reserve-march-2026\/\">U.S. Federal Reserve meeting in March 2026<\/a>.<\/p>\n\n\n\n<p>Typically, a person will put down anywhere between 3 percent to 20 percent of the total cost of a home.<\/p>\n\n\n\n<p>Keep in&nbsp;mind&nbsp;that&nbsp;your down payment can influence several decisions, including your monthly mortgage payment.<\/p>\n\n\n\n<p>Remember, closing costs are separate from a down payment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Average Down&nbsp;Payment&nbsp;Amounts<\/h2>\n\n\n\n<p>The average down payment amounts are between 3 percent to 20 percent.<\/p>\n\n\n\n<p>For example, if the&nbsp;home\u2019s&nbsp;price tag is $500,000, a 20 percent down payment would be&nbsp;$100,000.&nbsp;A 3 percent down payment would be $15,000, and a 10 percent down payment would be $50,000.<\/p>\n\n\n\n<p>One&nbsp;reason why&nbsp;people pay 20 percent vs. less than 20 percent is because of private mortgage insurance.&nbsp;If you default on your mortgage,&nbsp;private mortgage insurance&nbsp;protects your lender&nbsp;because private mortgage insurance reimburses the lender.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.movinghelp.com\/move\/cost-of-living\/\">Location<\/a>, historical trends, and personal finances will&nbsp;determine&nbsp;your average down payment amounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Factors Influencing Your Down Payment<\/h2>\n\n\n\n<div class=\"wp-block-media-text is-stacked-on-mobile is-vertically-aligned-top\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" src=\"https:\/\/www.movinghelp.com\/move\/wp-content\/uploads\/2026\/03\/Down-payment-3.jpg\" alt=\"A notecard with the words \u201cHow much can I afford?\u201d rests on a table along with a calculator with a model house sitting on top of the calculator, which sits next to the notecard.\" class=\"wp-image-26086 size-full\" srcset=\"https:\/\/www.movinghelp.com\/move\/wp-content\/uploads\/2026\/03\/Down-payment-3.jpg 800w, https:\/\/www.movinghelp.com\/move\/wp-content\/uploads\/2026\/03\/Down-payment-3-480x270.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p>Your personal financial situation and credit score play a huge factor&nbsp;for&nbsp;your loan.&nbsp;Your credit score should be at least 620.&nbsp;It\u2019s&nbsp;recommended to have a 740 or higher&nbsp;to receive the best interest rates.<\/p>\n\n\n\n<p>A Federal Housing Administration loan would accept scores between 500 to 580.<\/p>\n\n\n\n<p>Different mortgage types have different minimum down payment&nbsp;requirements. For example, a&nbsp;conventional&nbsp;loan&nbsp;requires a 3 percent down payment.&nbsp;A Federal Housing Administration loan requires a 3.5 percent down payment, according to&nbsp;<a href=\"https:\/\/www.rocketmortgage.com\/learn\/what-is-a-down-payment\" target=\"_blank\" rel=\"noreferrer noopener\">Rocket Mortgage<\/a>.<\/p>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>A Veterans Affairs loan&nbsp;and a U.S. Department of Agriculture loan&nbsp;don\u2019t&nbsp;require a down payment, according to&nbsp;<a href=\"https:\/\/www.rocketmortgage.com\/learn\/what-is-a-down-payment\" target=\"_blank\" rel=\"noreferrer noopener\">Rocket Mortgage<\/a>.<\/p>\n\n\n\n<p>Market conditions, such as interest rates, and property type also&nbsp;play into a down payment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits of a Higher Down Payment<\/h2>\n\n\n\n<p>When it comes to making a down payment,&nbsp;you\u2019ll&nbsp;have multiple benefits of paying a higher down payment.<\/p>\n\n\n\n<p>If you make a higher down payment, such as 20 percent or higher,&nbsp;you can avoid having to pay&nbsp;private mortgage insurance.<\/p>\n\n\n\n<p>A larger down payment can help lower your monthly payments. By having lower monthly mortgage payments, you can avoid paying more&nbsp;interest. In the end, this is&nbsp;less overall cost for you&nbsp;in the long run.<\/p>\n\n\n\n<p>Finally, it gives you an advantage in a competitive market. If&nbsp;it\u2019s&nbsp;a seller\u2019s market, or if multiple buyers are bidding for the same&nbsp;<a href=\"https:\/\/www.movinghelp.com\/move\/is-it-better-to-rent-or-buy-a-house\/\">house<\/a>, you can get an advantage. If a seller is considering two bids that are&nbsp;pretty even&nbsp;overall \u2014&nbsp;with the help of your&nbsp;<a href=\"https:\/\/www.movinghelp.com\/move\/why-hire-a-real-estate-agent\/\">real estate agent<\/a>&nbsp;\u2014&nbsp;having a&nbsp;higher down payment&nbsp;could&nbsp;give you the edge that gets you your dream home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Disadvantages of a Higher Down Payment<\/h3>\n\n\n\n<p>The main disadvantage of a higher down payment is saving up for the cost of a down payment. The average&nbsp;house value costs&nbsp;about $360,000&nbsp;for the median sale price&nbsp;in 2026, according to&nbsp;<a href=\"https:\/\/www.zillow.com\/home-values\/102001\/united-states\/\" target=\"_blank\" rel=\"noreferrer noopener\">Zillow<\/a>.&nbsp;The medium list price is just under $400,000&nbsp;in 2026, according to&nbsp;<a href=\"https:\/\/www.zillow.com\/home-values\/102001\/united-states\/\" target=\"_blank\" rel=\"noreferrer noopener\">Zillow<\/a>.<\/p>\n\n\n\n<p>That means&nbsp;a 20 percent down payment&nbsp;for a $360,000 home would require a $72,000 down payment.&nbsp;Additionally,&nbsp;a 20 percent down payment for a $400,000 home would require an&nbsp;$80,000&nbsp;down&nbsp;payment.<\/p>\n\n\n\n<p>You&nbsp;have to&nbsp;make sure after&nbsp;saving&nbsp;enough for a down payment that&nbsp;you have enough money&nbsp;for closing costs, setting enough money aside for repairs and renovations. You also need to&nbsp;make sure you have enough money available for other expenses such as decor.<\/p>\n\n\n\n<p>All these factors mean you&nbsp;must&nbsp;save even more money on top of paying a down payment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to Prepare for Your Down Payment<\/h2>\n\n\n\n<div class=\"wp-block-media-text has-media-on-the-right is-stacked-on-mobile is-vertically-aligned-center\"><div class=\"wp-block-media-text__content\">\n<p>Obviously,&nbsp;you\u2019ll&nbsp;need to take some time to prepare for&nbsp;your&nbsp;future&nbsp;down payment if you&nbsp;don\u2019t&nbsp;have the money already. The first step is to look at your monthly budget and see where you can cut back on your expenses to save money for your down payment.<\/p>\n\n\n\n<p>The second&nbsp;possible&nbsp;step is to work a second job or&nbsp;pick up&nbsp;a side hustle like&nbsp;driving&nbsp;Uber and Lyft,&nbsp;or delivering food with DoorDash or Uber Eats.<\/p>\n<\/div><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/www.movinghelp.com\/move\/wp-content\/uploads\/2026\/03\/Down-payment-2.jpg\" alt=\"A man holds a pen and a tablet while pointing where a person needs to sign. A computer sits to the left of the tablet, and a key ring and a model house sit to the right of it.\" class=\"wp-image-26083 size-full\" srcset=\"https:\/\/www.movinghelp.com\/move\/wp-content\/uploads\/2026\/03\/Down-payment-2.jpg 1024w, https:\/\/www.movinghelp.com\/move\/wp-content\/uploads\/2026\/03\/Down-payment-2-980x326.jpg 980w, https:\/\/www.movinghelp.com\/move\/wp-content\/uploads\/2026\/03\/Down-payment-2-480x160.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>The third&nbsp;possible&nbsp;step is you can try to set a goal each week on the total dollar amount&nbsp;you\u2019d&nbsp;like to save weekly.<\/p>\n\n\n\n<p>Another opportunity to save money is to cut back on eating out. Instead of eating out every day for lunch, you can prepare your&nbsp;lunch at home, which can save you money over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Utilizing&nbsp;Financial Assistance&nbsp;Programs<\/h3>\n\n\n\n<p>You can find financial&nbsp;assistance&nbsp;programs when planning to&nbsp;purchase&nbsp;a house.&nbsp;For example, first-time homebuyers can receive financial&nbsp;assistance. This includes potential federal, state, and local grants.<\/p>\n\n\n\n<p>Even homebuyers who&nbsp;aren\u2019t&nbsp;buying their first house&nbsp;can still find federal, state, and local grants, which can help make&nbsp;purchasing&nbsp;a house&nbsp;easier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Figure out How Much You Need for a Down Payment<\/h2>\n\n\n\n<p>How much should you have for a down payment is a personal choice that depends on your finances.&nbsp;It\u2019s&nbsp;best to put down a 20 percent or higher down payment to avoid&nbsp;paying&nbsp;private&nbsp;mortgage insurance, lower&nbsp;monthly mortgage&nbsp;payment, and paying less interest overall.<\/p>\n\n\n\n<p>Financial&nbsp;assistance&nbsp;programs exist for homebuyers, and the more you can put down for a down payment, the better the benefits will be for you.<\/p>\n\n\n\n<p>When&nbsp;you\u2019re&nbsp;ready to reach the&nbsp;<a href=\"https:\/\/www.movinghelp.com\/move\/housewarming-party-ideas\/\">big day&nbsp;of moving into your new home<\/a>, hire moving labor from the&nbsp;<a href=\"https:\/\/www.movinghelp.com\/\">Moving Help Marketplace<\/a>&nbsp;for&nbsp;<a href=\"https:\/\/www.movinghelp.com\/move\/services-offered\/loading-unloading\/\">loading or unloading<\/a>, along with other&nbsp;<a href=\"https:\/\/www.movinghelp.com\/move\/services-offered\/\">moving labor services<\/a>&nbsp;to make your moving day easier.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How much is a down payment on a house?&nbsp;That\u2019s&nbsp;the magical question, especially from first-time homebuyers. The answer depends on each individual person for how much&nbsp;should you&nbsp;have for a down&nbsp;payment. A down payment lowers the overall loan amount, and&nbsp;it\u2019s&nbsp;a percentage of the total cost of a home. The typical down payment ranges from 3 percent to [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":26080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[18,19,9],"tags":[],"class_list":["post-26089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-moving","category-long-distance-moving","category-moving-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much Should You Have for a Down Payment? - Moving Help\u00ae<\/title>\n<meta name=\"description\" content=\"How much should you have for a down payment? Understand its importance and explore strategies for effective home purchasing from Moving Help.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movinghelp.com\/move\/how-much-should-you-have-for-a-down-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much Should You Have for a Down Payment? - Moving Help\u00ae\" \/>\n<meta property=\"og:description\" content=\"How much should you have for a down payment? Understand its importance and explore strategies for effective home purchasing from Moving Help.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.movinghelp.com\/move\/how-much-should-you-have-for-a-down-payment\/\" \/>\n<meta property=\"og:site_name\" content=\"Moving Help\u00ae\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-02T14:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-02T18:51:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.movinghelp.com\/move\/wp-content\/uploads\/2026\/03\/Down-payment-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"MovingHelp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"MovingHelp\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/how-much-should-you-have-for-a-down-payment\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/how-much-should-you-have-for-a-down-payment\\\/\"},\"author\":{\"name\":\"MovingHelp\",\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/#\\\/schema\\\/person\\\/11f7302393e939c64f0a573f8b246493\"},\"headline\":\"How Much Should You Have for a Down Payment?\",\"datePublished\":\"2026-04-02T14:00:00+00:00\",\"dateModified\":\"2026-04-02T18:51:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/how-much-should-you-have-for-a-down-payment\\\/\"},\"wordCount\":1209,\"image\":{\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/how-much-should-you-have-for-a-down-payment\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/Down-payment-1.jpg\",\"articleSection\":[\"Local Moving\",\"Long-Distance Moving\",\"Moving Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/how-much-should-you-have-for-a-down-payment\\\/\",\"url\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/how-much-should-you-have-for-a-down-payment\\\/\",\"name\":\"How Much Should You Have for a Down Payment? - Moving Help\u00ae\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/how-much-should-you-have-for-a-down-payment\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/how-much-should-you-have-for-a-down-payment\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/Down-payment-1.jpg\",\"datePublished\":\"2026-04-02T14:00:00+00:00\",\"dateModified\":\"2026-04-02T18:51:25+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.movinghelp.com\\\/move\\\/#\\\/schema\\\/person\\\/11f7302393e939c64f0a573f8b246493\"},\"description\":\"How much should you have for a down payment? 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