Down Payment VS. Closing Costs

The down payment is a portion of the home price that is paid upfront (at closing).

A down payment of less than 20% will require primary mortgage insurance - this is based on loan program, down payment amount and other factors.

Closing costs are the fees required for your home loan - make sure you remember prepaid items as well.

Included in these figures are your prepaid and non-prepaid charges, and are NOT part of your down payment required.

Closing costs are typically the responsibility of the home buyer.