Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 9 years ago

Whats a good down payment for a house?

I live in ohio what's a good down payment for a house that is 100 thousand dollars. I need my payments to only be about 500 a month

5 Answers

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  • godged
    Lv 7
    9 years ago
    Best Answer

    If you need your payments to be 500 a month, you need to bring about $50,000 in down payment.

    Source(s): Oregon Realtor
  • 9 years ago

    You need to down payment 7000, and borrowing 93k at 5% interest rate doing 30 years loan to be able to get payment of 500 a month. THIS IS ONLY THE MORTGAGE ITSELF NOT including tax, utility, insurance, so on and forth. The loan is 93k, the 7k is down payment. NOT including some closing cost fee. GOOD LUCK

    Source(s): the figure using my own mortgage calculator (yes it's correctly working). In the process of buying a house.
  • 9 years ago

    If you borrow between 65k-70k you will pretty much guarantee your monthly payment to be $500 or under. Since you would be putting more than 20% down on a 100k home, then you will not have to worry about paying pmi (which would raise your monthly payment around $50). I would recommend putting at least 30k down on this home.

  • 9 years ago

    Assuming you have good credit, about $25,000 plus closing costs should get you a monthly payment of about $500 (principal, taxes, interest and insurance). But the best down payment would be $100,000.

    If you are really serious about buying, you should sit down with a local mortgage lender and discuss your options. It doesn't cost anything to do this.

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  • 9 years ago

    At least 20% down to avoid PMI.

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