How Much Should You Put Down on a House in Raleigh, NC? PMI, Down Payment, and the Real Decision in 2026
Most home buyers in Wake County put down 3 to 10 percent, not 20. The 20 percent rule is a persistent myth that costs buyers time and opportunity, particularly in a market where prices are appreciating and waiting to save a larger down payment means paying more for the same home later. Private mortgage insurance (PMI) on a conventional loan costs roughly 0.5 to 1 percent of the loan annually (about $183 to $367 per month on a $440,000 loan after a 10 percent down payment) and cancels automatically when your equity reaches 20 percent. The right down payment amount depends on your loan type, your cash reserves, your monthly payment target, and whether you qualify for state or city assistance programs that can reduce or eliminate your out-of-pocket requirement.
