In the minds of home buyers, there are two big numbers to consider. One is the monthly mortgage payment. Calculating what a particular house will cost you each month is an important determiner of whether or not you can really afford it. But you can’t calculate your prospective monthly mortgage payment without knowing first what your down payment will be.
That’s why the down payment is the other number home buyers have to grapple with before buying. Figuring out how much you will potentially have to put down on a house and where you will get the money are among the first questions prospective buyers should address. So what should they expect their down payment to be?
Well, it depends on where they’re buying, of course. A down payment in San Francisco is going to be a lot different than a down payment in Kansas City. But, according to one recent analysis, the median down payment nationally, during the third quarter of 2020, was $20,775. That’s 6.6 percent of the median sales price for homes purchased during the same period. It’s also good place to start when thinking about how much you’ll need to put toward your next house. (source)
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