Conventional 3% down
Many first-time buyers qualify for a conventional loan with as little as 3% down. Mortgage insurance can drop off once you reach 20% equity.
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Learning CenterHow much is the down payment on a $300,000 house?
On a $300,000 home, the down payment can be $0 with eligible VA or USDA financing, $9,000 at 3% conventional, $10,500 at 3.5% FHA, or $60,000 at 20%. Closing costs are separate—often 2–5% of the loan—but seller credits and down payment assistance can cover much of them.
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By the numbers
How much is the down payment on a $300,000 house?
Here is what common down payment levels look like on a $300,000 purchase price. The loan amount is what you borrow; mortgage insurance and closing costs are separate.
| Down payment | Typical program | Cash for down payment | Base loan amount |
|---|---|---|---|
| 0% | VA (eligible veterans/service members) or USDA (eligible areas and incomes) | $0 | $300,000 (plus any financed funding/guarantee fee) |
| 3% | Conventional low-down-payment options, often for first-time or income-eligible buyers | $9,000 | $291,000 |
| 3.5% | FHA | $10,500 | $289,500 (plus financed upfront MIP) |
| 5% | Conventional | $15,000 | $285,000 |
| 10% | Conventional | $30,000 | $270,000 |
| 20% | Conventional (no PMI) | $60,000 | $240,000 |
Illustrative only, not a commitment to lend. Actual taxes, insurance, mortgage insurance, HOA dues, and rates vary by property, program, and borrower.
The takeaway: you do not need $60,000 to buy a $300,000 home. Most first-time buyers put down somewhere between 0% and 5%.
Closing costs
Are closing costs on top of the down payment?
Yes. Closing costs are separate from the down payment and often run about 2–5% of the loan amount—roughly $6,000 to $15,000 on a $300,000 purchase before any credits. They include lender fees, appraisal, title and escrow, recording, and prepaid items like the first year of homeowners insurance and an initial tax escrow deposit.
| Local costs | |
|---|---|
| Loan limits |
Illustrative cash to close: $300,000 FHA
Down payment (3.5%): $10,500
Estimated closing costs: + $9,000
Seller credit: − $6,000
Estimated cash to close: about $13,500
Illustrative only, not a commitment to lend. Your Loan Estimate shows real figures.
Seller credits
Can the seller help pay my closing costs?
Often, yes. A seller credit (sometimes called a concession) is money the seller agrees to put toward your closing costs and prepaid items. It is negotiated in the purchase contract. Each program caps how much the seller can contribute—typically a percentage of the price that depends on the loan type and your down payment. Seller credits generally cannot be used for the down payment itself, and they cannot exceed your actual costs.
In a slower market, asking for a credit can be worth more than a price cut: a $6,000 credit saves you $6,000 in cash today, while a $6,000 price reduction saves you only a few hundred dollars of down payment. Your agent and loan officer can help you structure the offer.
Down payment help
Down payment help
Down payment help
Down payment help
Is there down payment assistance?
Many buyers combine a low-down-payment loan with a grant or second loan from a state or local program. Here are programs we see used. Eligibility, income limits, and funding change, so we confirm details when you apply.
FHA loans — 3.5% down
FHA loans allow 3.5% down with flexible credit guidelines, and the down payment can come from gift funds or eligible assistance.
Program details (opens in new tab) →VA & USDA — $0 down for those who qualify
VA loans serve eligible veterans, service members, and surviving spouses; USDA loans serve eligible rural and suburban buyers. Both can mean no down payment.
Program details (opens in new tab) →Program terms, income limits, and funding change often—confirm at the official source. Updated .
See more in the homebuying guide or the first-time buyer page.
Mortgage insurance
What is the difference between PMI and FHA MIP?
PMI (conventional)
Private mortgage insurance usually applies with less than 20% down. The monthly cost depends on credit score and down payment. It can typically be removed once you reach enough equity—by request around 20% equity, and automatically at about 22% based on the original value and schedule.
MIP (FHA)
FHA has an upfront premium (usually financed into the loan) plus an annual premium paid monthly. With less than 10% down, the annual MIP generally lasts for the life of the loan; many borrowers later refinance to a conventional loan to drop it.
VA loans have no monthly mortgage insurance but usually have a one-time funding fee (waived for some veterans with service-connected disability). USDA has an upfront and annual guarantee fee. A bigger down payment lowers these costs—but draining your savings to avoid PMI is not always the smart move. Compare payments in the payment calculator.
Choosing
How much should I put down?
- Put down less if it means keeping a healthy emergency fund, or if you qualify for a 0% program with good terms.
- Put down more if you want the lowest payment, plan to stay long-term, and still have reserves afterward.
- Mind the 5% and 10% thresholds—mortgage insurance pricing often improves at certain down payment levels, so a small extra amount can matter.
We usually show buyers two or three scenarios side by side so the tradeoff is clear. Explore buying a home or all loan programs.
Straight answers
Frequently asked questions
How much down payment do I need for a $300,000 house?
$0 with eligible VA or USDA, $9,000 at 3% conventional, $10,500 at 3.5% FHA, $15,000 at 5%, $30,000 at 10%, or $60,000 at 20%. Closing costs are extra unless covered by credits or assistance.
Do I need 20% down?
No. 20% down avoids PMI on a conventional loan, but many buyers use 0–5% down. Mortgage insurance is the tradeoff for keeping more cash.
Can I use gift money for a down payment?
Usually yes, from an acceptable donor such as a family member, with a signed gift letter and documentation of the transfer. Rules vary by program.
How much are closing costs on a $300,000 home?
Often about 2–5% of the loan amount—roughly $6,000 to $15,000 before seller credits or assistance. Local taxes and fees can push that up or down.
Is there down payment assistance?
There often is, through state housing finance agencies and some cities or counties. See the program cards on this page and ask a loan officer which ones fit your income and price range.
Educational answers only—not a loan offer or commitment to lend. Examples are illustrative only, not a commitment to lend.
See your exact cash to close
We will show you down payment, closing costs, and credits side by side for your price range. Call a loan officer at (480) 233-7897.