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Below 20% down, lenders typically require Private Mortgage Insurance (PMI) to protect themselves, which adds a monthly cost. A smaller down payment also means a larger loan, so you pay interest on more money over the life of the loan.

Not necessarily — it depends on your other financial priorities. Putting less down and investing the difference, or keeping a larger emergency fund, can sometimes make more sense than maximizing your down payment. Compare the scenarios above for your situation.

In the US, lenders are generally required to cancel PMI automatically once your loan balance drops to 78% of the original home value, and you can request cancellation once it reaches 80%.

No — lenders also weigh your credit score, income, and debt-to-income ratio. A larger down payment reduces the lender's risk and can help, but it doesn't override other underwriting factors.