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How much is the down payment on a $300,000 house?

On a $300,000 home, the down payment can be $0 with eligible VA or USDA financing, $9,000 at 3% conventional, $10,500 at 3.5% FHA, or $60,000 at 20%. Closing costs are separate—often 2–5% of the loan—but seller credits and down payment assistance can cover much of them.

Last updated 2026-11-11 · Reviewed by Lina Geffrard, NMLS #2611343 · Licensed in FL, MI, NC

By the numbers

How much is the down payment on a $300,000 house?

Here is what common down payment levels look like on a $300,000 purchase price. The loan amount is what you borrow; mortgage insurance and closing costs are separate.

Down paymentTypical programCash for down paymentBase loan amount
0%VA (eligible veterans/service members) or USDA (eligible areas and incomes)$0$300,000 (plus any financed funding/guarantee fee)
3%Conventional low-down-payment options, often for first-time or income-eligible buyers$9,000$291,000
3.5%FHA$10,500$289,500 (plus financed upfront MIP)
5%Conventional$15,000$285,000
10%Conventional$30,000$270,000
20%Conventional (no PMI)$60,000$240,000

Illustrative only, not a commitment to lend. Actual taxes, insurance, mortgage insurance, HOA dues, and rates vary by property, program, and borrower.

The takeaway: you do not need $60,000 to buy a $300,000 home. Most first-time buyers put down somewhere between 0% and 5%.

Closing costs

Are closing costs on top of the down payment?

Yes. Closing costs are separate from the down payment and often run about 2–5% of the loan amount—roughly $6,000 to $15,000 on a $300,000 purchase before any credits. They include lender fees, appraisal, title and escrow, recording, and prepaid items like the first year of homeowners insurance and an initial tax escrow deposit.

Local costsFlorida charges a documentary stamp tax on documents that transfer Florida real property: 70 cents per $100, or portion thereof, of the consideration in every county except Miami-Dade, where a different rate and surtax apply. A promissory note and a recorded mortgage are also subject to documentary stamp tax at 35 cents per $100, or portion thereof, and Florida charges a nonrecurring intangible tax of 2 mills (0.002) on an obligation secured by a mortgage on Florida real property. Closings are typically handled by a title company, sometimes with an attorney. By custom the seller often pays the documentary stamp tax on the deed and the owner's title insurance policy, and the buyer pays the documentary stamp tax on the note and mortgage, the intangible tax, the lender's title policy, and loan-related costs, though all of it is negotiable in the contract.
Loan limits2026 limits for Leon County: FHA $541,287 for a one-unit home ($693,050 two-unit, $837,700 three-unit, $1,041,125 four-unit), which is the national FHA floor, and the conforming limit is $832,750 for a one-unit home ($1,066,250 two-unit, $1,288,800 three-unit, $1,601,750 four-unit), the national baseline that applies in every Florida county except Monroe County. Loans above the conforming limit are jumbo loans. Check current limits at https://entp.hud.gov/idapp/html/hicostlook.cfm.

Illustrative cash to close: $300,000 FHA

Down payment (3.5%): $10,500
Estimated closing costs: + $9,000
Seller credit: − $6,000
Estimated cash to close: about $13,500

Illustrative only, not a commitment to lend. Your Loan Estimate shows real figures.

Seller credits

Can the seller help pay my closing costs?

Often, yes. A seller credit (sometimes called a concession) is money the seller agrees to put toward your closing costs and prepaid items. It is negotiated in the purchase contract. Each program caps how much the seller can contribute—typically a percentage of the price that depends on the loan type and your down payment. Seller credits generally cannot be used for the down payment itself, and they cannot exceed your actual costs.

In a slower market, asking for a credit can be worth more than a price cut: a $6,000 credit saves you $6,000 in cash today, while a $6,000 price reduction saves you only a few hundred dollars of down payment. Your agent and loan officer can help you structure the offer.

Down payment help

Is there down payment assistance in Florida?

Many buyers combine a low-down-payment loan with a grant or second loan from a state or local program. Here are programs we see used in Florida. Eligibility, income limits, and funding change, so we confirm details when you apply.

Down payment help

Florida Assist (Florida Housing Finance Corporation)

Statewide down payment and closing cost help of up to $10,000, offered as a zero-interest, deferred second mortgage with no monthly payment. It is not forgiven; the balance comes due if you sell, refinance, transfer the home, or stop living there as your primary residence. You must use it with a Florida Housing first mortgage (it is not stand-alone assistance), meet income and purchase-price limits for the county, have at least a 640 credit score, complete an approved homebuyer education course, and generally meet the first-time homebuyer rule (you have not owned and occupied a primary residence in the past three years).

Program details (opens in new tab) →
Down payment help

Florida Hometown Heroes Housing Program

Down payment and closing cost help of up to 5% of the first mortgage (minimum $10,000 and maximum $35,000) as a zero-interest, 30-year deferred second mortgage with no monthly payment. It is not forgiven; the balance comes due if you sell, refinance, transfer the home, or stop living there as your primary residence. For 2026 it is limited to first-time, income-qualified buyers in eligible workforce jobs (including health care workers, school staff, first responders, public safety or court employees, and child care workers) who work full time for a Florida-based employer, plus U.S. military or Coast Guard servicemembers, reservists, Florida National Guard members, and veterans employed full time by a Florida-based employer. Active-duty servicemembers and veterans are not required to be first-time buyers. It must be paired with a Florida Housing first mortgage.

Program details (opens in new tab) →
Down payment help

Leon County and City of Tallahassee Down Payment Assistance

Leon County and the City of Tallahassee each offer down payment and closing cost help for first-time homebuyers, administered through the Tallahassee Lenders' Consortium and funded mainly through Florida's State Housing Initiatives Partnership. For a home in unincorporated Leon County, help is a zero-interest, deferred loan that is forgiven at the end of the loan term (10 years for a standard purchase, 30 years for a community land trust home) if the loan stays in good standing. Awards are $10,000 for very low- or low-income buyers on an existing home ($7,500 for moderate-income buyers), and higher for community land trust or newly constructed or rehabilitated homes (up to $25,000, depending on income category). For a home inside Tallahassee city limits, help is a zero-interest, deferred second mortgage that is fully forgiven at the end of the 15th year if the loan stays in good standing; the City's adopted plan caps the award at $50,000, and the maximum is not awarded in every case (the City says the amount is based on need). Both programs require an approved first mortgage, a homebuyer education course, and a $500 contribution from the buyer. Income, asset, and purchase-price limits apply and can change, and funding availability can change, so ask which program applies to the property and what is available now.

Program details (opens in new tab) →

Program terms, income limits, and funding change often—confirm at the official source. Updated 2026-11-11.

See more in the Florida guide or the first-time buyer page.

Mortgage insurance

What is the difference between PMI and FHA MIP?

PMI (conventional)

Private mortgage insurance usually applies with less than 20% down. The monthly cost depends on credit score and down payment. It can typically be removed once you reach enough equity—by request around 20% equity, and automatically at about 22% based on the original value and schedule.

MIP (FHA)

FHA has an upfront premium (usually financed into the loan) plus an annual premium paid monthly. With less than 10% down, the annual MIP generally lasts for the life of the loan; many borrowers later refinance to a conventional loan to drop it.

VA loans have no monthly mortgage insurance but usually have a one-time funding fee (waived for some veterans with service-connected disability). USDA has an upfront and annual guarantee fee. A bigger down payment lowers these costs—but draining your savings to avoid PMI is not always the smart move. Compare payments in the payment calculator.

Choosing

How much should I put down?

  • Put down less if it means keeping a healthy emergency fund, or if you qualify for a 0% program with good terms.
  • Put down more if you want the lowest payment, plan to stay long-term, and still have reserves afterward.
  • Mind the 5% and 10% thresholds—mortgage insurance pricing often improves at certain down payment levels, so a small extra amount can matter.

We usually show buyers two or three scenarios side by side so the tradeoff is clear. Explore buying a home or all loan programs.

Straight answers

Frequently asked questions

How much down payment do I need for a $300,000 house?

$0 with eligible VA or USDA, $9,000 at 3% conventional, $10,500 at 3.5% FHA, $15,000 at 5%, $30,000 at 10%, or $60,000 at 20%. Closing costs are extra unless covered by credits or assistance.

Do I need 20% down?

No. 20% down avoids PMI on a conventional loan, but many buyers use 0–5% down. Mortgage insurance is the tradeoff for keeping more cash.

Can I use gift money for a down payment?

Usually yes, from an acceptable donor such as a family member, with a signed gift letter and documentation of the transfer. Rules vary by program.

How much are closing costs on a $300,000 home?

Often about 2–5% of the loan amount—roughly $6,000 to $15,000 before seller credits or assistance. Local taxes and fees can push that up or down.

Is there down payment assistance in Florida?

There often is, through state housing finance agencies and some cities or counties. See the program cards on this page and ask Lina which ones fit your income and price range.

Educational answers only—not a loan offer or commitment to lend. Examples are illustrative only, not a commitment to lend.

Reviewed by Lina Geffrard, NMLS #2611343. More guides in the Learning Center.

See your exact cash to close

We will show you down payment, closing costs, and credits side by side for your price range. Call Lina at (561) 938-6165.

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