How much money did you put down on your home?

posted 7 months ago in The Lounge
Post # 46
Member
2463 posts
Buzzing bee

We put 20% done on our first home. Our next home, which we are looking at purchasing in a couple of months, we will probably put down about 40%.

Post # 47
Member
504 posts
Busy bee
  • Wedding: September 2018

10% on my first home. Due to bereavement and savings I was able to make overpayments. My fi was in a similar situation so when we married we were able to sell both, buy together and put down 75%. 

Post # 48
Member
1580 posts
Bumble bee

We put 5% which was 20k on a 400k home–Conventional loan 480k with PMI.  We had to wait two years to request PMI to be removed.  Our home has gone up almost 200k in value + what we have paid down allowed us to get PMI off at 2 years.  

We’re in the Seattle area.  We could not even come close to affording our home now.  

Post # 49
Member
317 posts
Helper bee

25% which was 100k of a 400k house

Post # 50
Member
764 posts
Busy bee
  • Wedding: October 2019

I live in an LCOL area and I put 7% down on a $250k home. It might have been a little cheaper to wait an additional year but we weren’t sure what the mortgage and purchase price would look like in a year or if we would find a house we both loved so decided to take the plunge and make extra payments to get rid of PMI in 1.5 to 2 years.

I’ve read that it would all even out in the end when you stay there long enough.

Post # 51
Member
981 posts
Busy bee
  • Wedding: July 2019

moissamight :  Yea we most likely will do $0 down or a small down payment. Our next house will be our forever home. We always overpay our mortgage. We wouldnt have enough to offset PMI so we dont worry about it.

Post # 52
Member
2539 posts
Sugar bee
  • Wedding: September 2018

5% on our first home. We could have done more but wanted to maintain savings and have money to do some immediate necessary upgrades and for various moving expenses. 

Post # 53
Member
2546 posts
Sugar bee
  • Wedding: December 2009

We put 0 down, no PMI (VA loan).  We live in an area that used to be a quiet mountain town with spurts of activity during ski season/summer season.  Last few years thanks to a few TV shows mentioning my town and a celebrity or two tweeting my town, it has BOOMED.  Tourists at the wazoo buying up homes like no other to either use as a second home or vacation rental income.  Darling Husband and I were nervous we’d miss the boat and bought ASAP (even though we would liked to have saved for longer).  So glad we did.  We snagged the last house on the market at our price point and the market hasn’t looked back since.

Post # 54
Member
470 posts
Helper bee
  • Wedding: June 2018

jannigirl :  I agree w/ you. Must be some high earners to afford some of these down payments and house prices or just live in a HCOL area where this is the norm.

We put like 22-23% down on a 175k house (with 7 acres of land) in a very reasonable cost of living area (midwest USA). However, we did luck out at the price and downpayment we got. Our home appraised for more and could easily sell for 200k or more.

Post # 55
Member
1051 posts
Bumble bee

For those in the US, not all loan programs require 20% down to avoid PMI. Find a mortgage broker! I was able to get a conventional jumbo loan with 10% down and no PMI and a great interest rate. So it can be done! 

Post # 56
Member
3210 posts
Sugar bee
  • Wedding: May 2015

mkendrick :  yep. We only put down 3% and our lender pays our PMI with a conventional loan and good interest rate. It helps my husband had near perfect credit, but it can be done if you shop around. 

Post # 57
Member
2084 posts
Buzzing bee
  • Wedding: October 2018

On my first condo in 2004 ($219,000), I put down 5%, conventional loan, no PMI. Second home with my husband, he put down 10% on $500,000 house a few years ago with an amazing 30-year interest rate. We are both high earners and live in a high cost area. I know of no one who put down 20%.

Post # 58
Member
388 posts
Helper bee
  • Wedding: May 2019 - York, ME

No money down, using a USDA loan.  There is PMI, but we wanted to purchase before the market kept climbing. The house on the next block that’s the same floor plan as our sold for $100,000 more than we paid just one year later.  We’re in a rural town about 30 minutes from Vail and 30 minutes from Keystone/Breckenridge.  Our housing values are increasing because more and more workers are moving to the surrounding towns since the COL has gotten so high close to the resorts.

Post # 59
Member
21 posts
Newbee

We didn’t need to put any down due to a VA loan. But had we not goine that route, we would have gone with %20. 

Post # 60
Member
162 posts
Blushing bee
  • Wedding: City, State

I got lucky that I moved back in with my parents after I graduated college and got a good job close by so I could commute and save almost everything I made. My first home was 250K and I put down 10%, but I had double that in savings I just needed the other half for furniture since I was moving from my moms house I only had 1 bed and dresser. I had to pay PMI of roughly $100 per month for putting down less than 20%. 

Sold that house 6 years later and made a killing, and then put down 30% on a 600K home. Not sure I would have been able to purchase a home of this magnitude without selling off the smaller one first to be honest. 

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