Down Payment Calculator
Find exactly how much cash you need to close, compare every loan program's minimum down payment, and build a savings timeline that accounts for closing costs and PMI.
3%
Conventional Min
3.5%
FHA Minimum
20%
PMI Elimination
0%
VA / USDA
Down Payment Calculator
Based on home price
HOME DETAILS
DOWN PAYMENT %
LOAN & COST DETAILS
Down Payment Required
$80,000
20.0% of $400,000 · LTV: 80.0%
$320,000
Loan Amount
$12,000
Closing Costs
$92,000
Total Upfront
$2,086
Monthly P&I
No PMI — 20.0% down payment eliminates private mortgage insurance.
📊 Down Payment Scenarios Comparison
| Down % | Down Amt | Loan Amt | Monthly P&I | PMI/mo | Total Upfront |
|---|---|---|---|---|---|
| 3% | $12,000 | $388,000 | $2,529 | +$259 | $24,000 |
| 3.5% | $14,000 | $386,000 | $2,516 | +$257 | $26,000 |
| 5% | $20,000 | $380,000 | $2,477 | +$253 | $32,000 |
| 10% | $40,000 | $360,000 | $2,347 | +$240 | $52,000 |
| 15% | $60,000 | $340,000 | $2,217 | +$227 | $72,000 |
| 20% | $80,000 | $320,000 | $2,086 | None | $92,000 |
💰 Down Payment Savings Planner
- Still needed
- $72,000
- Months to reach goal
- 36 months
- Target date
- Sep 2029
📈 Down Payment Impact on Monthly Cost
How Much Down Payment Do You Need?
A down payment is your initial equity stake in a home — the cash you put in before the mortgage covers the rest. This calculator shows exactly what you need based on your target home price and down payment percentage, then builds a savings timeline so you know when you'll actually get there. Once you know your down payment, check your full monthly payment with our mortgage calculator or see your total budget with our house affordability calculator.
🏦 Down Payment by Loan Type
- Conventional 97: 3% minimum for qualified first-time buyers
- FHA Loan: 3.5% with a credit score of 580+ (10% below 580)
- VA Loan: 0% down for eligible veterans and service members
- USDA Loan: 0% down for qualifying rural properties
- Conventional standard: typically 5-20% down
- Jumbo loans: often 10-30% down depending on the lender
🎯 Is 20% Down Still Necessary?
No — 20% down is the benchmark that eliminates private mortgage insurance, but it isn't required to buy a home. Most buyers put down far less:
- 3-5% down: gets you in the door faster, but adds PMI
- 10% down: lower PMI cost and often a better rate
- 20% down: no PMI and the lowest possible monthly cost
💡 Sources for Your Down Payment
- Personal savings: a high-yield savings account while you save
- Gift funds: from family, with a signed gift letter
- Down payment assistance: state and local programs for first-time buyers
- IRA withdrawal: up to $10K penalty-free for a first home
- Piggyback loans: an 80-10-10 structure to avoid PMI
📋 What Else You Need at Closing
Your down payment is only part of what you'll need in cash on closing day:
- Closing costs: 2-5% of the loan (lender fees, title, taxes)
- Prepaid interest & escrow: 2-3 months of property tax and insurance
- Home inspection: $300-$600
- Moving costs: $500-$2,000+
Total upfront = down payment + closing costs + reserves. The calculator above rolls the first two together automatically.
— FAQ