How Much Do You Really Need for a Down Payment?
From 0% VA to 20% conventional — what different down payments actually cost you, and why more isn’t always better.
The range
VA can be 0% down for eligible buyers, FHA is 3.5%, and conventional commonly runs 3–5%. Putting 20% down avoids PMI entirely. On a $500,000 home, that’s $0–$17,500 for low-down options versus $100,000 at 20%.
The trade-off
A bigger down payment lowers your loan, payment, and interest — but ties up cash you may want for reserves, closing costs, or improvements. The “right” number balances monthly comfort against keeping a healthy cushion.
Don’t forget closing costs
Beyond the down payment, budget roughly 2–3% of the price for closing costs and prepaids. Your total “cash to close” is down payment plus those costs — that’s the number that actually has to be in your account.
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Educational information only — not legal, tax, or lending advice. Figures are typical ranges, not quotes or approvals. Confirm specifics with a licensed lender or attorney.
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Raoul Shah · Virginia Real Estate Agent (Virginia DPOR License 0225274910, Commonwealth of Virginia) · Real Broker, LLC · Equal Housing Opportunity.