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  • A down payment is a percentage of the total cost of the home you are purchasing that must be paid to the seller, with the balance paid through your mortgage.
  • A down payment typically ranges from 3-20 percent of the total home price, depending upon the type of loan you qualify for based on your credit history, type of home, and reason for buying.
  • Of course the higher the down payment, the lower your monthly mortgage payment will be.
  • A down payment of less than 20% typically requires the borrower to purchase mortgage insurance.

A down payment can come from your savings, the proceeds of another home sale, or gifts or grants from family, employers or non-profits. Access our down payment calculator here.

© 2018 Fairway Independent Mortgage Corporation. NMLS Entity ID #2289. www.nmlsconsumeraccess.org All rights reserved. 4750 S. Biltmore Lane, Madison, WI 53718. Complaints may be directed to: (866) 912-4800 or Email us: customerservice@fairwaymc.com. Toll Free: 866-912-4800. Fax: 608-837-4723. MA Mortgage Broker and Lender License #MC2289. Licensed by the New Hampshire Banking Department. Rhode Island Licensed Broker and Lender. Also licensed in Maine, Connecticut and Vermont.