Down Payment Calculator
Enter a home price and see exactly how much cash you need for any down payment percentage — plus your resulting loan amount.
How it works
- 1Enter the home price
Use the listing price or your target budget.
- 2Choose a down payment %
Common choices are 3%, 5%, 10%, or 20%.
- 3See your loan amount
Home price minus down payment equals the mortgage you'll need.
Your down payment is the upfront cash you bring to a home purchase. It directly determines how much you'll borrow, your monthly mortgage payment, and whether you'll need private mortgage insurance (PMI).
Most conventional mortgages require between 3% and 20% down. FHA loans go as low as 3.5%, and VA or USDA loans can be zero down for qualifying buyers. The lower your down payment, the higher your monthly payment and total interest paid over the life of the loan.
20% down is the traditional benchmark because it eliminates PMI — an extra monthly fee that protects the lender, not you. On a $400,000 home, going from 5% to 20% down can save $150–$250 per month in PMI alone.
Beyond the down payment, budget 2%–5% of the home price for closing costs. A $400,000 home with 10% down ($40,000) typically requires another $8,000–$20,000 in closing costs at signing.
Example scenarios
$15,000 down, $285,000 loan — PMI required until 20% equity.
$80,000 down, $320,000 loan — no PMI, lower monthly payment.
$50,000 down, $450,000 loan — PMI required, more flexibility.
$8,750 down, $241,250 loan — common first-time buyer path.
Common questions
How much down payment do I need?
Conventional loans typically require 3%–20% down. FHA loans allow 3.5% down. 20% down lets you avoid PMI and reduces your monthly payment substantially.
Is 20% down required to buy a home?
No. You can buy with as little as 3%–3.5% down, but you'll usually pay private mortgage insurance (PMI) until you reach 20% equity.
What costs are not included in the down payment?
Closing costs (typically 2%–5% of the home price), moving expenses, and an emergency fund for repairs should be saved separately from your down payment.
Does a bigger down payment lower my payment?
Yes. A larger down payment reduces your loan amount, which directly reduces your monthly principal and interest, and may eliminate PMI.