How much money do you need to put down on a condo?

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asked Mar 8, 2019 in Real Estate - Renting by FloofyWolf (250 points)
How much money do you need to put down on a condo?

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answered Mar 8, 2019 by 2Rdeye43r (820 points)
When taking out a loan to buy a Condo you will usually have to put at least 3.5 % of the loan total as a down payment.

So for example if the Condo your buying is for $160,000.00 and you take out a $160,000.00 loan for that condo then your down payment for the condo loan would be $5,600.00

Make sure you can afford the monthly payments for the condo loan before taking out the loan plus you also need to factor in other fees such as HOA fees if they have them and insurance costs which add to the cost of owning a Condo.

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