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Down payment

What do you considered a large down payment?

Answer Question

Asked by mamaofficer at 5:00 PM on Jul. 6, 2010 in Money & Work

Level 31 (50,120 Credits)
Answers (10)
  • on what?

    Answer by MomNbabyGirl009 at 5:00 PM on Jul. 6, 2010

  • Depends on how much the item costs in the first place

    Answer by itsmesteph11 at 5:01 PM on Jul. 6, 2010

  • We put 40% down on our house

    Answer by rkoloms at 5:35 PM on Jul. 6, 2010

  • A house

    Comment by mamaofficer (original poster) at 5:36 PM on Jul. 6, 2010

  • We put 10% down on our home. Which totaled to almost $50,000. I think banks like it when one puts down 20%.

    Answer by mommy2joeynabby at 5:59 PM on Jul. 6, 2010

  • 20 percent is what the banks look for and will get you the best interest rate.

    If you can do 20% down and a 15 year or 20 year loan instead of a 30 year, even better.

    Answer by gdiamante at 6:03 PM on Jul. 6, 2010

  • depends on what you putting a down payment on.

    Answer by ymadaris2 at 6:10 PM on Jul. 6, 2010

  • You don't need a large down payment to get the best interest rate on a home. Rates are very low right now and even with 3.5% you can get an interest as low as 4.5% today.

    Answer by Kari126 at 6:28 PM on Jul. 6, 2010

  • I think anything more than 20% is a large down payment. That's just my opinion though.

    Answer by Erica_Smerica at 6:36 PM on Jul. 6, 2010

  • If you are wanting to purchase a home, then I would suggest at least 20% down. I believe that is the amount needed in order to avoid PMI (private mortgage insurance). You will want to double check though. It's been over ten years since I worked in the real estate field.

    Answer by sherribeare at 4:33 AM on Jul. 15, 2010

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