Down Payment Calculator
See exactly what your home down payment costs and what loan you'll be left with. Enter a home price and your down payment as either a percentage or a dollar amount — switch between the two and they stay in sync — or tap a 3%, 3.5%, 5%, 10%, or 20% preset. The calculator shows your down payment in dollars, your down payment percent, your loan amount, and whether you'll likely pay PMI for putting down less than 20%. You can also plan how long it'll take to save for your down payment from your current savings and monthly contribution, with an optional savings interest rate. Share a link or export a PDF.
Common down payments:
Quick examples:
Optional — see how long it'll take to save your down payment of $80,000.00.
How much you can set aside toward the down payment each month.
Optional — if your savings earns interest, it shortens the timeline.
Your Down Payment
Down Payment
Loan Amount
Down Payment %
20% or more — you typically avoid PMI (private mortgage insurance) on a conventional loan.
Save For Your Down Payment
Months to Goal
Projected Date
Still Needed (Shortfall)
Total Contributions
Down Payment Comparison
How each common down payment looks on a $400,000.00 home.
| Down payment % | Down payment $ | Loan amount | PMI? |
|---|---|---|---|
| 3% | $12,000.00 | $388,000.00 | Likely |
| 3.5% | $14,000.00 | $386,000.00 | Likely |
| 5% | $20,000.00 | $380,000.00 | Likely |
| 10% | $40,000.00 | $360,000.00 | Likely |
| 20% You | $80,000.00 | $320,000.00 | No |
Progress Toward Your Down Payment
Savings Growth to Goal
Related Calculators
How This Calculator Works
A down payment is the cash you pay up front toward a home, and the rest becomes your mortgage. This tool does one job cleanly: it turns a home price and a down payment — entered as either a percent or a dollar amount — into your down payment in dollars, your down payment percent, your loan amount, and a below-20% PMI rule-of-thumb flag. It does not compute a full monthly payment or amortization (that's the Mortgage Calculator) and it doesn't work backward from your income to a maximum price (that's the Home Affordability Calculator).
Down Payment & Loan Amount
downPayment$ = homePrice x (percent / 100)
percent = (downPayment$ / homePrice) x 100
loanAmount = homePrice − downPayment$
That's the entire core calculation. In percent mode the dollar amount is derived from the home price; in dollar mode the percent is derived. The loan amount is simply the home price minus the down payment, and it's never negative — if you put down the full price, the loan is $0 (a cash purchase).
The Percent ↔ Dollar Toggle
Enter your down payment as a percent or a dollar amount — edit either and the other updates instantly from the current home price. The value you set is the source of truth and is preserved when you change the price: if you fix 20%, a new price keeps 20% and recalculates the dollars; if you fix $80,000, a new price keeps $80,000 and recalculates the percent. One-tap presets (3% · 3.5% · 5% · 10% · 20%) fill the percent for you.
The 20% / PMI Rule of Thumb
pmiLikely = percent < 20
Conventional lenders generally require private mortgage insurance (PMI) when you put down less than 20%, and you can typically cancel or avoid it at 20%+ equity. The calculator flags below 20% as "likely PMI" and 20% or more (inclusive) as "typically no PMI." This is a long-standing convention, not a premium this tool calculates — FHA, VA, and USDA loans follow different rules.
Save-for-It Timeline (Optional)
monthsToGoal = ceil(shortfall / monthlyContribution)
n = ceil( ln((D·i + C) / (S·i + C)) / ln(1 + i) )
The optional savings section targets the computed down payment D. With no interest, the time is the shortfall (D minus current savings S) divided by your monthly contribution C, rounded up. Add a savings APY and your balance compounds monthly (i = APY ÷ 12, end-of-month contributions), reaching the goal sooner — the same engine behind our Savings Goal Calculator.
Rounding out the savings view: shortfall = max(0, D − S) is what you still need, progress% = (S / D) x 100 is how far along you are, and the projected date is today plus the months-to-goal. The home price is held fixed (no appreciation) to keep the answer deterministic and evergreen.
Tips for Sizing Your Down Payment
A Bigger Down Payment Cuts Your Loan
Every dollar you put down is a dollar you don't borrow, so a larger down payment directly shrinks your loan amount, your monthly payment, and the total interest you pay over the life of the mortgage. Crossing 20% also removes PMI on conventional loans, cutting the monthly cost further. Use the comparison table to see exactly how much each extra percentage point lowers the loan.
You Don't Always Need 20%
The 20% benchmark is about avoiding PMI, not a minimum to buy. Many buyers put down 3%, 3.5%, or 5% and accept PMI in exchange for buying sooner and keeping more cash on hand. The right call weighs the ongoing cost of a bigger loan and PMI against the value of getting into a home now — tap the presets to compare a low-down option with PMI against 20% without it.
Low-Down Programs Exist
Conventional loans can start at 3% down, FHA loans at 3.5%, and VA and USDA loans can allow 0% for eligible buyers. These are well-known conventions rather than rules this tool enforces — eligibility depends on the lender, your credit, and the program. Model any of these percentages here to see the resulting down payment and loan, then confirm the actual requirements with a lender.
Automate Saving for the Down Payment
Once you know your target down payment, the fastest way to reach it is to make saving automatic — a recurring transfer into a separate high-yield savings account the day after payday. The interest in a high-yield account compounds while you save and shortens the timeline. Enter your current savings, monthly contribution, and the account's APY in the optional section to see your projected completion date.
Common Ways People Use a Down Payment Calculator
First-Time Buyer Sizing 3.5–5% Down
First-Time BuyerFirst-time buyers often want to know what a low down payment actually costs. Enter your target home price and tap the 3%, 3.5%, or 5% preset to see the down payment in dollars, the loan you would carry, and the PMI flag — so you can plan for a realistic entry point rather than assuming you need a full 20%.
Comparing 10% vs 20% Down
Compare OptionsTrying to decide between putting down 10% and stretching to 20%? The comparison table shows both side by side — the down payment dollars, the loan amount, and whether each triggers PMI. That lets you weigh keeping more cash on hand at 10% against the lower loan and no PMI at 20%.
Planning How Long to Save
Savings PlanIf the down payment is more than you have today, the optional save-for-it section turns your target into a timeline. Enter what you have saved, what you can add each month, and an optional savings APY to see the shortfall, your progress, and the exact month you would reach the goal — with interest growth factored in.
Avoiding PMI
Avoid PMIFor buyers focused on skipping private mortgage insurance, the calculator makes the 20% line obvious. Adjust the percent or dollar amount until the PMI flag flips to "typically no PMI," then see the down payment that takes — and use the savings timeline to plan how to get there.
What This Calculator Assumes
To keep results deterministic and evergreen, the down-payment math rests on a few clear assumptions:
- •Your numbers, your call: every figure — home price, down payment percent or dollars, current savings, monthly contribution, and the optional APY — is the value you enter. The defaults (such as a $400,000 price or 20% down) are illustrative placeholders, not advice about what to buy or save.
- •PMI is a flag, not a premium: the below-20% note is the long-standing conventional-loan rule of thumb, used only to tell you whether PMI is likely. The tool does not compute a PMI premium and does not encode FHA/VA/USDA or any loan-program eligibility rules — those minimums appear in the copy as general conventions only.
- •Optional interest is a fixed rate: contributions are monthly (end of month), and any APY you enter compounds monthly at a constant rate (APY ÷ 12). It's an at-this-rate estimate using the rate you supply — the tool uses no live mortgage or savings rates and never needs updating. The savings target assumes a fixed home price (no appreciation).
- •No closing costs, taxes, or escrow: the down payment and loan don't include closing costs, property taxes, insurance, or fees, and there's no monthly payment or amortization here. Loan amount is clamped to $0 (never negative), 20% counts as "typically no PMI," and edge cases (down payment above the price, zero price, zero contribution, already saved) show friendly messages rather than NaN or infinity.
Disclaimer: This tool provides estimates for personal planning and is not financial or lending advice. Actual down payment requirements, PMI premiums, and loan eligibility depend on your lender, credit, loan program, and the property, none of which this calculator tracks. Consider your own circumstances and consult a qualified professional before making a home-buying decision.
Frequently Asked Questions
How much down payment do I need for a house?
There's no single required amount — it depends on the loan program and the home price. Conventional loans often allow as little as 3% down, FHA loans commonly require 3.5%, and VA and USDA loans can allow 0% down for eligible buyers, while 20% is the classic benchmark for avoiding private mortgage insurance. A bigger down payment means a smaller loan, lower monthly payments, and less interest over time, but it also ties up more cash up front. Enter your home price above and try the presets to see what each percentage costs in real dollars.
Is a 20% down payment required to buy a house?
No — 20% is a common recommendation, not a requirement. It's the threshold at which most conventional lenders stop requiring private mortgage insurance (PMI), so putting down 20% lowers your monthly cost and your loan balance. Many buyers put down far less (3%, 3.5%, or 5%) and simply pay PMI until they build enough equity to cancel it. Use the comparison table here to weigh a smaller down payment with PMI against a larger one without it.
What is PMI and how do I avoid it?
Private mortgage insurance (PMI) is an insurance premium that protects the lender (not you) if you default, and it's typically required on conventional loans when your down payment is less than 20% of the home price. You avoid it by putting down 20% or more, and on most conventional loans you can request to cancel it once your equity reaches about 20–22%. This calculator flags whether your chosen down payment is below 20% so you know to expect PMI, but it does not estimate the premium itself because PMI rates vary by lender, credit score, and loan. For an actual premium estimate, a dedicated PMI or full mortgage calculator is the right tool.
How much is a 20% down payment on a $300,000 house?
A 20% down payment on a $300,000 home is $60,000, which leaves a $240,000 loan. The math is simply the home price times the down-payment percent: $300,000 × 0.20 = $60,000. At 10% you'd put down $30,000 (a $270,000 loan), and at 5% you'd put down $15,000 (a $285,000 loan). Type your own price above and the calculator does this instantly for any percentage or dollar amount.
Can I put less than 20% down on a house?
Yes, and most first-time buyers do. Conventional loans can go as low as 3% down and FHA loans as low as 3.5%, with VA and USDA options allowing 0% for those who qualify. The main trade-off of a smaller down payment is that you'll usually pay PMI (on conventional loans) and carry a larger loan with higher monthly payments and more total interest. The right choice balances how much cash you want to keep on hand against the ongoing cost of a bigger loan.
What are the pros and cons of a larger down payment?
A larger down payment shrinks your loan, lowers your monthly payment, reduces total interest paid, can help you avoid PMI at 20%, and may strengthen your offer to sellers. The downsides are that it ties up cash you might need for moving costs, repairs, or an emergency fund, and money sunk into home equity isn't easily accessible. Putting down so much that you drain your savings can leave you "house poor." A common approach is to put down enough to hit your comfort level on the monthly payment while keeping a healthy emergency fund intact.
How long will it take to save for a down payment?
That depends on your target down payment, what you've already saved, how much you set aside each month, and whether your savings earn interest. Without interest, the time is just the remaining amount divided by your monthly contribution, rounded up to whole months; with a savings APY, your balance compounds and you reach the goal a bit sooner. For example, a $40,000 down payment with $10,000 saved and $1,000 a month takes about 30 months without interest, and somewhat less in a high-yield account. Use the optional "save for your down payment" section above to see your exact timeline and projected date.
What is the minimum down payment on a house?
For eligible borrowers, VA and USDA loans can require 0% down, FHA loans typically require 3.5%, and many conventional loan programs allow 3% to 5%. The minimum depends on the loan type, your credit, and the lender's rules, none of which this tool tracks. Keep in mind that the legal minimum and the smart amount can differ — a very low down payment maximizes how much you borrow and usually adds PMI. This calculator lets you model any down payment from 0% upward so you can compare the options.
Does a bigger down payment lower my monthly payment?
Yes. A larger down payment means you borrow less, so both your principal and the interest charged on it are smaller, which lowers the monthly payment. Crossing the 20% mark also removes PMI on conventional loans, cutting the monthly cost further. This calculator shows the resulting loan amount for any down payment, but it intentionally doesn't compute the full monthly payment (which also depends on interest rate, term, taxes, and insurance) — for that, use the Mortgage Calculator linked below.
What's the difference between this and a mortgage or affordability calculator?
This Down Payment Calculator focuses on one thing: turning a home price and a down payment (as a percent or dollars) into your down payment amount, loan amount, and PMI flag — plus, optionally, how long it'll take to save for it. A full Mortgage Calculator takes the loan amount and computes the monthly principal-and-interest payment and amortization schedule. A Home Affordability Calculator works the other way, starting from your income and debts to estimate the maximum home price you can afford. Use all three together: affordability to set a price, this tool to size the down payment and loan, and the mortgage calculator to see the monthly payment.