Why pay more?
Q: What are the benefits of paying more than a 5% down payment?
There are many benefits to putting more than 5% down. The larger the down payment, the lower the cost of your overall mortgage in the long run and you will save money by paying less interest. If you can put as much as 20% down, you will avoid paying mortgage insurance. Mortgage insurance is mandatory if you put less than 20% down, and can add thousands of dollars to the cost of your home.