Calculating the down payment for a home can be a daunting task, but it’s an important step in the homebuying process. A down payment is a lump sum of money that you pay upfront when you buy a home. It’s typically expressed as a percentage of the home’s purchase price.
The amount of your down payment will affect your monthly mortgage payments and the amount of interest you pay over the life of your loan. A larger down payment will result in lower monthly payments and less interest paid over time.