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Down Payment Calculator

Figure out exactly how much you need to save for a down payment and see how different amounts affect your monthly payment, PMI, and total costs.

How to Use This Calculator

Enter the home price you're considering and adjust the down payment percentage slider. Enter your current savings and how much you can save each month. The calculator shows scenarios at different down payment levels and estimates when you'll reach your goal.

Understanding Your Results

The comparison table shows how different down payment amounts affect your loan size, monthly payment, PMI costs, and total interest. The savings timeline tells you how many months until you can reach each down payment level. The closing costs estimate reminds you of additional cash needed at closing.

Pro Tips

  • ✓Check for down payment assistance programs in your state — many offer grants or low-interest loans.
  • ✓FHA loans only require 3.5% down but have mortgage insurance for the life of the loan.
  • ✓Setting up automatic transfers to a dedicated savings account helps you stay on track.
  • ✓Consider house-hacking (buying a duplex, living in one unit, renting the other) to qualify with less down.

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Mortgage Payment

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PMI

Calculate your private mortgage insurance cost and find out when it will be removed.

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Closing Costs

Estimate your closing costs with an itemized breakdown based on your location and loan type.

Frequently Asked Questions

How much down payment do I need to buy a house?▼
The minimum depends on the loan type: conventional loans require 3-5%, FHA loans require 3.5%, VA and USDA loans may require 0% down. However, putting down 20% eliminates PMI and gives you better loan terms.
What happens if I put less than 20% down?▼
If your down payment is less than 20%, you'll typically need to pay PMI (Private Mortgage Insurance), which adds 0.5-1% of the loan amount annually to your costs. PMI can be removed once you reach 20% equity.
Is it better to put more money down?▼
A larger down payment means a smaller loan, lower monthly payments, no PMI (at 20%+), and potentially better interest rates. However, depleting all your savings for a down payment can be risky — keep an emergency fund.
How long will it take me to save for a down payment?▼
It depends on the home price, your target down payment percentage, current savings, and monthly savings rate. Our calculator shows exactly how many months until you reach your goal at your current savings pace.
What are closing costs on top of the down payment?▼
Closing costs typically add 2-5% of the home price on top of your down payment. On a $300,000 home, that's $6,000-$15,000 in additional costs you need at closing. Budget for both when planning your home purchase.