If you are looking to buy a home, it is important to make sure that you have saved up enough money for the down payment. The amount of money that you will need will depend on what type of loan and the mortgage rate you qualify for. The down payment is the amount of money that you put towards the purchase price of your home. It can be made in one lump sum or in installments over time. The length of time it takes to save up for a down payment depends on how much money you earn and how much interest rates are at the time.