QUICK ANSWER

Anywhere from $9,000 to $60,000, and sometimes 0%

For a $300,000 home, the required down payment depends on your loan program and credit. A 3% conventional loan demands at least $9,000, and often a credit score of 700 or higher. FHA loans require 3.5%, or $10,500. Putting 5% down costs $15,000; 10% is $30,000, and 20% is $60,000. Some VA and USDA programs allow 0% down for qualified borrowers. The median down payment among U.S. buyers is about 15%, but first-time buyers often put far less. Which option you choose will affect your monthly payment, mortgage insurance and overall financial flexibility.

Below, we break down each percentage, discuss who qualifies and explore the benefits and trade-offs so you can decide how much to save.

Here is what the four main down payment options look like on a $300,000 home, using today's rate of approximately 6.75%:

3% down ($9,000) - FHA loan Monthly principal and interest: approximately $1,888. You also pay FHA mortgage insurance premium (MIP) of about $162 per month. Total housing payment before taxes and insurance: around $2,050. FHA loans have more lenient credit requirements (580+ score typically), which makes them accessible for buyers who are earlier in their credit journey.

5% down ($15,000) - Conventional loan Monthly principal and interest: approximately $1,855. Private mortgage insurance (PMI) adds roughly $125 to $175 per month until you reach 20% equity. You will get out of PMI eventually without refinancing. Credit score requirements are generally 620+ for conventional loans.

10% down ($30,000) - Conventional loan Monthly principal and interest: approximately $1,763. PMI drops significantly, around $60 to $80 per month, and you build equity faster which accelerates the point where PMI drops off entirely.

20% down ($60,000) - Conventional loan, no PMI Monthly principal and interest: approximately $1,567. No PMI. This is the cleanest loan but requires the most cash upfront.

One important option for South Carolina buyers: SC Housing's Homeownership Assistance Program provides up to $8,000 in down payment assistance for qualifying buyers. The income and purchase price limits change periodically, so check sc.gov/housing for current terms.

The 5% conventional route is often the sweet spot for buyers who are financially stable but do not want to drain their savings to hit 20%. PMI is a real cost, but it is not permanent, and keeping cash reserves after closing gives you room to handle repairs without going into debt.