The three calculations below offer different ways to help calculate an estimated down payment.
If the amount of upfront cash available and down payment percentages are known, use the calculator below to calculate an estimate for an affordable home price.
If the home price and down payment percentages are known, use the calculator below to calculate an estimate for an amount needed in cash available for upfront costs.
If the home price and amount of upfront cash available are known, use the calculator below to calculate an estimate for a down payment percentage.
The down payment calculator answers the three questions every home buyer eventually asks. If you know how much upfront cash you have, it tells you what home price you can realistically target. If you know the home price, it tells you exactly how much cash you will need at the closing table. And if you know both the price and your available cash, it works out what down payment percentage that actually buys you. Each of the three calculators above accounts for closing costs, estimates your monthly mortgage payment, and flags when your down payment falls below the 20% threshold that usually triggers private mortgage insurance.
Saving for a down payment is the single biggest hurdle most buyers face, and it is easy to underestimate the true cash requirement because closing costs are often overlooked. These calculators put the whole upfront picture in one place so you can set a realistic savings goal and shop with confidence.
A down payment is the portion of a home's purchase price that you pay upfront in cash, rather than borrowing. It is expressed either as a dollar amount or as a percentage of the price — a 20% down payment on a $500,000 home is $100,000. The rest of the price is covered by your mortgage. The down payment is the lender's assurance that you have real financial stake in the property: the more you put down, the less the lender risks, and the better the terms you are typically offered.
Your down payment directly determines your loan amount (price minus down payment), which in turn drives your monthly payment and the total interest you pay over the life of the loan. Putting more down means a smaller loan, a lower monthly payment, less lifetime interest, and immediate equity in your home.
Start here if you know how much you have saved. Enter your upfront cash available, the down payment percentage you plan to make, your closing-cost estimate, and your loan terms. The calculator works backwards to find the home price your cash supports, splitting your money between the down payment and closing costs. Because your cash must cover both, a higher closing-cost estimate reduces the price you can afford. The results also include a comparison table showing what price your same cash would buy at other common down payment percentages.
Use this when you have a specific home or price range in mind. Enter the home price and your intended down payment percentage, and the calculator tells you the total cash needed — the down payment plus closing costs — along with your loan amount and monthly payment. This is the number to aim for in your savings account before you start making offers.
Use this when you know both figures and want to see where you stand. Enter the home price and your upfront cash, and the calculator subtracts closing costs from your cash to find the actual down payment and expresses it as a percentage. This quickly reveals whether you will clear the 20% mark or need to budget for mortgage insurance.
Closing costs are the fees and expenses required to finalize a real estate transaction, and they are separate from — and on top of — your down payment. They typically run about 2% to 5% of the home price, which is why the calculators default to 3%. On a $500,000 home, that is roughly $10,000 to $25,000 in additional cash you must have available at closing.
Closing costs commonly include loan origination fees, appraisal and home inspection fees, title search and title insurance, attorney fees, recording fees, survey fees, credit report fees, prepaid property taxes and homeowners insurance, and prepaid interest. Some are negotiable, some can be rolled into the loan, and in some markets sellers contribute toward them. This calculator lets you enter closing costs either as a percentage of the price or as a flat dollar amount, and you can uncheck the box entirely if you want to see the down payment in isolation.
The most important threshold in home buying is 20%. If your down payment is less than 20% of the home price, conventional lenders will almost always require private mortgage insurance (PMI) — an extra monthly premium that protects the lender, not you, if you default. PMI typically costs somewhere between 0.3% and 1.5% of the original loan amount per year, which can add anywhere from tens to hundreds of dollars to your monthly payment.
The good news is that PMI is not permanent on conventional loans. Once you build enough equity, you can generally request cancellation at 80% loan-to-value, and lenders must automatically terminate it at 78% LTV. Government-backed FHA loans work differently: they allow down payments as low as 3.5% but carry a mortgage insurance premium (MIP) that, for most modern FHA loans with less than 10% down, lasts for the life of the loan unless you refinance. VA loans for eligible veterans and USDA loans for qualifying rural buyers can require no down payment at all, though they have their own funding fees. Each calculator here flags when your down payment falls under 20% so the PMI cost is never a surprise.
The comparison tables in the first two calculators use the down payment percentages buyers encounter most often:
There is no universally correct answer — it is a trade-off between two real costs.
Advantages of a larger down payment: no PMI at 20% or more, a lower interest rate in many cases, a smaller loan and lower monthly payment, far less interest paid over the life of the loan, immediate equity that protects you if home values dip, and a stronger offer in a competitive market.
Advantages of a smaller down payment: you buy sooner and start building equity and stability earlier rather than paying rent while you save; you keep more cash on hand for emergencies, moving costs, furnishings, and repairs; and you retain liquidity that could be invested elsewhere. In a rising market, buying earlier with less down has sometimes outperformed waiting years to save 20%. The right choice depends on your savings, your job security, local prices, and how long you plan to stay.
One of the most common mistakes buyers make is putting every last dollar into the down payment. Beyond the down payment and closing costs, you should keep a cash reserve for moving expenses, immediate repairs and maintenance, furniture and appliances, and — most importantly — an emergency fund of several months of expenses. Homeownership brings costs renting never did: a failed water heater, a roof repair, or a special assessment can arrive without warning. Many lenders even require documented reserves to approve your loan. Use these calculators to find your target, then make sure your savings goal includes a cushion on top of it.
Most buyers assemble a down payment from several sources. Dedicated savings built over months or years is the foundation, often held in a high-yield savings account or short-term CD so the money stays safe and liquid. Gift funds from family are widely permitted, though lenders require a gift letter confirming the money is not a loan. Some buyers use proceeds from selling a previous home, and some tap retirement accounts — the IRS allows a first-time buyer to withdraw up to $10,000 from an IRA penalty-free, and many 401(k) plans permit loans — although reducing retirement savings carries a long-term cost worth weighing carefully. Finally, thousands of state, local, and employer down payment assistance programs offer grants, forgivable loans, or second mortgages, especially for first-time and moderate-income buyers; your lender or state housing finance agency can point you to the ones you qualify for.
Every dollar you put down is a dollar you do not borrow, and the effect compounds over a 30-year loan. Consider a $500,000 home at a 6.589% interest rate. With 20% down ($100,000), you borrow $400,000 and pay roughly $2,552 a month in principal and interest. Drop to 10% down ($50,000) and the loan rises to $450,000, pushing the payment to about $2,871 — more than $300 extra every month, plus PMI on top. At 3.5% down, the loan reaches $482,500 and the payment climbs to roughly $3,078. Over the full term, those differences add up to tens of thousands of dollars in additional interest. The comparison tables in the first two calculators are built precisely so you can see this trade-off across every common down payment percentage at once, rather than running the numbers one at a time.
Once the calculators give you a target number, the next question is how to reach it. Start by dividing your goal by the number of months until you want to buy — that is your required monthly savings rate, and it immediately tells you whether your timeline is realistic. Keep the money somewhere safe and liquid: a high-yield savings account, money market account, or short-term certificate of deposit. Money you will need within a few years does not belong in the stock market, where a downturn could arrive exactly when you need to close. Automate the transfer so saving happens before you can spend, and treat windfalls — tax refunds, bonuses, gifts — as accelerators rather than spending money. Finally, revisit your target periodically: home prices, interest rates, and your own income all change, and the calculators above make it easy to re-run the numbers whenever they do.
It depends on the loan. Conventional loans often start at 3–5%, FHA loans at 3.5%, and VA and USDA loans can require nothing down. Putting 20% down avoids PMI. Use the second calculator above to see the exact cash needed for a given home price and percentage.
No. Closing costs are separate fees paid at closing, typically 2–5% of the home price, and they come on top of your down payment. Both must be covered by your upfront cash, which is why these calculators include closing costs in the total.
Conventional lenders will generally require private mortgage insurance (PMI), an added monthly cost that protects the lender. You can usually request cancellation once you reach 20% equity, and it must be removed automatically at 78% loan-to-value. The calculators flag any result below 20%.
Yes, in some cases. VA loans for eligible veterans and service members and USDA loans for qualifying rural buyers both allow 0% down, though each has its own fees. Most other buyers will need at least 3–3.5% down.
Both have merit. A larger down payment lowers your loan, monthly payment, and lifetime interest and can eliminate PMI. Keeping cash preserves an emergency fund and liquidity for repairs and moving costs. Most advisers suggest not draining your reserves to reach 20%.
It is the principal-and-interest payment on the loan amount, using the standard amortization formula with your interest rate and loan term. It does not include property taxes, homeowners insurance, HOA dues, or PMI, which will increase your actual monthly housing cost.
This Down Payment Calculator is provided for educational and general informational purposes and produces estimates only. Actual closing costs, interest rates, mortgage insurance premiums, and loan qualification depend on your lender, location, credit profile, and loan program. The monthly payment shown covers principal and interest only. Always consult a qualified mortgage professional before making a home purchase decision.