Personal Finance on Yik Yak | How much of a down payment do you need

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Personal Finance 5w

How much of a down payment do you need

Anonymous 4w

I think you meant to ask how much a down payment on something is, which varies

Anonymous 4w

Depends on the loan type, but 20% is usually best

Anonymous 4w

I’m assuming this is about buying a house. One of my buddies just bought 260k one with I believe only 5k down. His monthly payment is going to be huge but him and his wife make decent money. You’re gonna want to factor in insurance, hoa fees, property tax, etc. there are some tools online based on your area. Also important to remember some of these expenses are not fixed. Your property tax could go up substantially. This is how a lot of people end up “house broke.”

Anonymous 5w

For what

Anonymous

#5 4w

So you will need to figure out your annual spending, subtract your current rent from the mortgage payment and then figure out from there if the cost makes sense to buy now versus later with a higher downpayment. There are closing costs and inspector costs as well. Don’t skip inspection to save money.