15% Down Conventional Loans
A 15% down conventional loan offers homebuyers a strong middle ground—larger than a 10% down payment but not as high as 20%. With reduced PMI costs and increased equity from day one, 15% down is a smart choice for buyers in Washington who want financial stability while keeping some cash on hand.
What Is a 15% Down Conventional Loan?
With 15% down, buyers contribute nearly one-sixth of the home’s value upfront, financing the rest with a conventional mortgage. This helps minimize loan balances, reduce monthly payments, and shorten the time it takes to eliminate PMI.
Many Washington buyers choose 15% down when they have strong savings but prefer to maintain liquidity instead of putting the full 20% down.
Benefits of 15% Down Conventional Loans
- Lower monthly PMI compared to 10% down loans.
- Reduced loan balance means smaller payments.
- Closer to eliminating PMI—often just a few years of payments away.
- Competitive loan terms with strong borrower equity.
Who Should Consider 15% Down?
This option fits buyers who have significant savings but don’t want to exhaust reserves. For example, families moving into larger homes in Snohomish or Pierce County often use 15% down to balance long-term affordability with immediate financial flexibility.
With 15% down, Washington buyers enjoy lower PMI, stronger equity, and more favorable loan terms while keeping part of their savings intact.