How Much Should You Put Down On A Home

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Take this example from Garden State Home Loans: If you’re the homebuyer, and you decide to put 30 percent down on a $250,000 house, instead of 20 percent, then you’re spending $25,000 more ($75,000 down versus $50,000 down) at the time of purchase. Imagine if you put that $25,000 in the stock market today.

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Much of the worry for millennials. Schlesinger says people should not "go bananas about buying a house" or worry about how they’re going to pay for their kids’ college education. If you can.

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I’ve found that requesting for a down payment shows commitment on behalf of the home and/or business owner. However, a reasonable amount; for example, 10 to 15 percent is suffice — some States even set a maximum amount to which a contractor may ask for a down payment.

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Selling And Buying A Home Tax Implications Whether you are buying or selling a house, the process can be quite stressful, especially when thinking about potential tax implications. Let’s look at the documents you need to save and the tax issues you will need to consider.

The average amount is 3% to 6% of the price of the home. Given that range, it’s a wise idea to start with 2%-2.5% of the total cost of the house, in savings, to account for closing costs. Thus our $300,000 first-time home buyer should sock away about $6,000-$7,500 to cover the back end of their buying experience.

Although, I don’t personally recommend less than 15-20% down. The absolute minimum amount you should put down is at least the total of your tax, title, and license fees (TT&L). Paying interest and finance charges on taxes and fees doesn’t make good financial sense. Putting a little money down is always better than putting no money down.

One of those big, fat decisions when you buy a house is: How much money should you put down? A decent-sized down payment will reduce your monthly mortgage payment and will protect you from additional costs. But hey, maybe you just don’t have the cash. Here’s the lowdown on down payments.

Watch this video as we discuss how much to save for a down. to help you save and when you should start, especially as a first time home buyer.