About how much do people plan on putting for downpayment? with poll

I was just wondering what the average amount money do people put down for their downpayment on their house.

our real estate agents told us, we were putting alot more than the average but im just curious what the average is

Re: About how much do people plan on putting for downpayment? with poll

we put 20% down - but we bought preconstuction so the minimum we could put down was 15% because we had to pay that over the year we waited for the condo to be done -15%were our deposits

but 20% is above $130,000 because is a condo in downtown boston

Re: About how much do people plan on putting for downpayment? with poll

it depends on where we buy

Re: About how much do people plan on putting for downpayment? with poll

I think it also depends on whether or not you are selling something. Its a lot easier to have more $$ to put down if you have a property to sell first.

Re: About how much do people plan on putting for downpayment? with poll

If you think about it, the difference in say putting $45,000 versus $80,000 is only a few hundred dollars per month in a mortgage payment. I would rather have more money in the bank than spend every last penny on a downpayment so that my monthly payment is only $400 less per month. This is our preference. We will put 10% down and take out an 80/10 to avoid PMI. we will be first time buyers but both of us had savings prior to getting married.

Message edited 11/7/2006 1:11:28 PM.

Re: About how much do people plan on putting for downpayment? with poll

First time buyer's, we put 20% down and paid closing costs up front...had another ~10% in the bank (we redid the bathroom immediately).

Re: About how much do people plan on putting for downpayment? with poll

20% and paid closing costs out of pocket. When we sell and buy again ideally I'd like to put down more in case we TTC and I want to take time off work so we can survive on one salary.

Message edited 11/7/2006 1:04:52 PM.

Re: About how much do people plan on putting for downpayment? with poll

Re: About how much do people plan on putting for downpayment? with poll

as little as possible

esp if I am going to need to do work right away

but since my DH is in the business I don't have to pay all the closing costs etc

like someone said the difference isn't huge for $50K more or less

Re: About how much do people plan on putting for downpayment? with poll

We didn't even put down 4%
But we are paying for the closing costs
And we are financing the rest of the downpayment
We didn't own a house before and we weren't able to save too much money so we are doing what we have to do

Re: About how much do people plan on putting for downpayment? with poll

20%

Re: About how much do people plan on putting for downpayment? with poll

I think the poll would work better in terms of percentage. We "put" 3% down.

Re: About how much do people plan on putting for downpayment? with poll

Re: About how much do people plan on putting for downpayment? with poll

Re: About how much do people plan on putting for downpayment? with poll

Thanks for the info

FH and i put down 35% or 150k down for a $425,000 house.

The real estate agent made it out that this was a high amount, our mortgage is still up there though.

Re: About how much do people plan on putting for downpayment? with poll

We put down around 40%. I think that 35% is probably on the high side if it is your first home. We were selling two condos that we owned for a while, so that helped quite a bit. But you have to do what is right for your financial situation - and if putting down more upfront and having lower monthly payments works for you then you need to do what is right for you - not what is *normal*.

Re: About how much do people plan on putting for downpayment? with poll

Re: About how much do people plan on putting for downpayment? with poll

Re: About how much do people plan on putting for downpayment? with poll

personally- i would keep some of that money - even if it's just in the bank

citibank has a 5% e savings account now

I would stick to putting down 20%

just my opinion-

Re: About how much do people plan on putting for downpayment? with poll

Re: About how much do people plan on putting for downpayment? with poll

Re: About how much do people plan on putting for downpayment? with poll

yup u got it right, its around $1650

not including the taxes

we were renting and did not have a place to sell.

Message edited 11/7/2006 2:12:45 PM.

Re: About how much do people plan on putting for downpayment? with poll

We put down $40,000.

Re: About how much do people plan on putting for downpayment? with poll

WE put down 30% back in 2000.

Re: About how much do people plan on putting for downpayment? with poll

also having cash on hand to do repairs is alot cheaper then taking out a loan for them