Down Payment Calculator
Find out how much you need to put down on a home and what it means for your mortgage. See the down payment, loan amount, estimated monthly payment with PMI, total cash needed at closing and how long it will take to save it.
Often 0.3% to 1.5% of the loan per year
How to use the Down Payment Calculator
- Enter the home price and your down payment as a percent or an amount.
- Enter the mortgage rate and term, plus PMI and closing cost estimates.
- Add property tax, insurance and HOA for a realistic monthly payment.
- Enter your savings, how much you can save per month and the interest it earns.
- Press Calculate down payment and compare the down payment options in the table.
Down payment formulas
- Down payment = home price × down payment %
- Loan amount = home price − down payment
- Principal & interest = L × r ÷ (1 − (1 + r)−n), r = rate ÷ 12, n = years × 12
- PMI per month = loan × PMI rate ÷ 12 (only below 20% down)
- Cash needed = down payment + closing costs
- Savings each month = previous balance × (1 + APY ÷ 12) + monthly deposit
Down payment on common home prices
| Home price | 3% | 3.5% | 5% | 10% | 20% |
|---|---|---|---|---|---|
| $200,000 | $6,000 | $7,000 | $10,000 | $20,000 | $40,000 |
| $300,000 | $9,000 | $10,500 | $15,000 | $30,000 | $60,000 |
| $400,000 | $12,000 | $14,000 | $20,000 | $40,000 | $80,000 |
| $500,000 | $15,000 | $17,500 | $25,000 | $50,000 | $100,000 |
| $750,000 | $22,500 | $26,250 | $37,500 | $75,000 | $150,000 |
Minimum down payment by loan type (US)
| Loan type | Typical minimum down | Mortgage insurance |
|---|---|---|
| Conventional | 3% (first-time buyer programs), often 5% | PMI below 20% down |
| FHA | 3.5% with a 580+ credit score | Upfront and annual MIP |
| VA | 0% for eligible service members and veterans | No monthly MI; a funding fee applies |
| USDA | 0% in eligible rural areas | Guarantee fees |
Frequently asked questions
How much should I put down on a house?
20% down avoids private mortgage insurance on a conventional loan and lowers the payment, but it is not required. Conventional loans can start at 3% down, FHA loans at 3.5% and VA and USDA loans at 0% for eligible buyers.
How is the down payment calculated?
Down payment = home price × down payment percent. On a $400,000 home, 10% down is $40,000 and the loan is $360,000. Remember to budget closing costs, often 2% to 5% of the loan, on top.
What is PMI and when does it go away?
Private mortgage insurance protects the lender when you put less than 20% down on a conventional loan. It often costs about 0.3% to 1.5% of the loan per year. You can usually ask to cancel it at 20% equity, and it ends automatically at 22% equity based on the original schedule.
How long will it take to save for a down payment?
This calculator adds your monthly savings and the interest they earn each month until you reach the down payment plus closing costs. Saving $1,200 a month from $15,000 at 4% APY reaches the $50,800 needed for 10% down plus 3% closing costs on a $400,000 home in about 28 months.
Is a bigger down payment always better?
A bigger down payment means a smaller loan, lower payment and less interest, but it also ties up cash. Keep an emergency fund and money for moving and repairs before putting every dollar into the down payment.
Does the estimated monthly payment include everything?
It includes principal, interest, PMI, property tax, homeowners insurance and HOA dues that you enter. It does not include utilities, maintenance or flood insurance, and real tax and insurance amounts vary by location.