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Why 20% Is The Ideal Down Payment On A Home

Buying a home? If you are, one of the very first questions you’ll need to answer is, “how much of a down payment should I make?”

The answer: ideally, 20%.

Granted, it’s not easy to save 20% of the home’s sale price for a down payment. In fact, saving for a down payment remains the number one obstacle to homeownership for many Americans.

To qualify for a conventional mortgage, you need to have a down payment of at least 5% of the purchase price. However, putting less than 20% down can have significant financial implications. Not only could a 20% down payment save you hundreds of dollars on your monthly payment, but you’ll build equity in the house more quickly and save a considerable amount of money on interest.

To read more: http://www.zillow.com/blog/infographic-20-percent-down-payment-152672/#ixzz35hbwil6a