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The upfront cash you pay toward a home, with the rest financed by a mortgage.
The down payment is the portion of a home's price you pay upfront. A larger down payment means a smaller loan, lower monthly payments, and can avoid PMI at 20% or more, while some loan programs allow far less down. Balancing the down payment against keeping cash reserves is a key part of buying readiness.
A 20% down payment on a $400,000 home is $80,000 and avoids PMI.
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