Down Payment Calculator
See your down payment, loan amount, PMI and the cash to reach 20%
Last updated June 2026
Method: Down payment = home price × percentage; loan amount = home price − down payment. PMI flagged when the down payment is under 20%, following the federal Homeowners Protection Act (automatic PMI cancellation at 78% LTV, removal on request at 80%).
Included: Down payment in dollars and percent, resulting loan amount, whether PMI applies, the extra cash needed to reach 20%, and a comparison of the 3.5%, 5%, 10% and 20% tiers.
Not included: Closing costs, prepaid taxes and insurance, lender-specific minimums, interest and monthly payment. Results are estimates, not a loan offer.
💰 Down payment details
💵 Your down payment
📊 Summary
📋 Common down payment tiers
| Down % | Down payment | Loan amount | PMI |
|---|---|---|---|
| 3.5% | $14,000 | $386,000 | Yes |
| 5% | $20,000 | $380,000 | Yes |
| 10% | $40,000 | $360,000 | Yes |
| 20% | $80,000 | $320,000 | No |
3.5% is the FHA minimum; 20% removes PMI on conventional loans. Tiers shown for a $400,000 home.
Down payment calculator: how much to put down on a house
To calculate a down payment, multiply the home price by your down payment percentage. On a $400,000 house, 10% down is $40,000, leaving a $360,000 loan. Because that is under 20%, PMI applies until you reach 20% equity ($80,000), so you would need $40,000 more. This down payment calculator does the math both ways — from a percent or a fixed dollar amount.
Deciding how much to put down is one step in the buying math. To turn the resulting loan into a full monthly payment, use the Mortgage Calculator or the payment-only Mortgage Payment Calculator; if you already own and want to lower your rate or pull out equity, the Refinance Calculator and Cash-Out Refinance Calculator handle those cases instead.
How the down payment is calculated
The math is simple and works in both directions:
Down payment = Home price × (Down % ÷ 100) • Loan = Home price − Down payment If you enter a dollar amount instead, the percentage is just the down payment divided by the home price × 100. The toggle on the calculator lets you work either way, which is handy when you have a fixed amount of savings rather than a target percentage.
How to figure out the down payment on a house, step by step
Here is the full calculation worked out for a $425,000 home with 12% down, so you can follow every number:
| Step | Calculation | Result |
|---|---|---|
| 1. Down payment | $425,000 × 0.12 | $51,000 |
| 2. Loan amount | $425,000 − $51,000 | $374,000 |
| 3. Loan-to-value (LTV) | $374,000 ÷ $425,000 | 88% |
| 4. PMI applies? | 12% is under 20% | Yes |
| 5. 20% target | $425,000 × 0.20 | $85,000 |
| 6. Cash to reach 20% | $85,000 − $51,000 | $34,000 |
So $51,000 gets you into the home with a $374,000 loan and PMI, and another $34,000 saved would clear the 20% bar and drop the insurance.
Down payment by loan type
The minimum you can put down depends on the loan program:
- Conventional: as low as 3% down for many buyers; 20% to avoid PMI.
- FHA: 3.5% down with a qualifying credit score (10% for lower scores).
- VA: 0% down for eligible service members, veterans and surviving spouses.
- USDA: 0% down for eligible buyers in qualifying rural areas.
A smaller down payment gets you into a home sooner but means a larger loan, more interest, and usually mortgage insurance. A larger down payment lowers your monthly cost but ties up more cash.
Down payment by home price and percentage
This matrix shows the down payment, loan amount and cash needed to reach 20% for common home prices at the 3.5%, 5%, 10% and 20% tiers. Only the 20% column skips PMI on a conventional loan.
| Home price | 3.5% down | 5% down | 10% down | 20% down (no PMI) |
|---|---|---|---|---|
| $200,000 | $7,000 | $10,000 | $20,000 | $40,000 |
| $300,000 | $10,500 | $15,000 | $30,000 | $60,000 |
| $400,000 | $14,000 | $20,000 | $40,000 | $80,000 |
| $500,000 | $17,500 | $25,000 | $50,000 | $100,000 |
| $750,000 | $26,250 | $37,500 | $75,000 | $150,000 |
The loan amount is simply the home price minus the number in each cell — for example, 10% on a $400,000 home leaves a $360,000 loan, while 20% leaves $320,000. The gap between any tier and the 20% column is the extra cash you would need to save to drop PMI.
Why 20% down is the key threshold
On a conventional loan, putting down 20% or more means you do not pay PMI. With less than 20%, the lender adds PMI to your monthly payment to offset default risk. The good news: under the federal Homeowners Protection Act, your lender must automatically cancel PMI once the balance reaches 78% of the original value, and you can request cancellation at 80%. So even if you start under 20%, PMI is not forever.
How much should you actually put down?
There is no universally right answer. Putting down enough to avoid PMI can save money over time, but draining your savings to do it is risky — you still need cash for closing costs (often 2%–5% of the loan), moving, repairs and an emergency fund. Many buyers find a middle ground: enough to keep the payment comfortable without leaving themselves cash-poor. Use the tier table in the calculator to compare 3.5%, 5%, 10% and 20% side by side for your price point.
How to use this down payment calculator
You only need two numbers to get a useful answer. Work through the fields in order:
- Home price: enter the purchase price or the top of your target range.
- Down payment: use the toggle to enter either a percentage (say 10%) or a fixed dollar amount (say $35,000). The calculator converts between the two automatically.
- Read the results: the tool shows your down payment in dollars and percent, the resulting loan amount, whether PMI applies, and how much more cash you would need to reach 20%.
- Compare tiers: scan the 3.5% / 5% / 10% / 20% comparison to see how each choice changes the loan size and the PMI flag at your price point.
Because the math runs both ways, the calculator is just as useful when you have a fixed pile of savings as when you have a target percentage in mind. Enter what you have, and it tells you what percentage that buys you and whether it clears the 20% bar.
Who this calculator is for
This tool helps anyone trying to turn a home price into a concrete savings goal. That includes:
- First-time buyers figuring out how much cash they actually need before they start touring homes.
- Savers setting a monthly target and a realistic timeline to reach a chosen percentage.
- Buyers weighing PMI who want to see exactly how much more they would need to skip mortgage insurance.
- People comparing loan types — checking what 3.5% on FHA versus 20% conventional means in real dollars.
- Move-up buyers estimating how much of their sale proceeds will cover the next down payment.
A second worked example: a fixed budget
Suppose you have saved $30,000 and you are looking at a $350,000 home. Entering the dollar amount, the calculator shows that $30,000 is about 8.6% down, leaving a loan of $320,000. Because 8.6% is under 20%, PMI applies. To reach the 20% threshold ($70,000) you would need $40,000 more — a big gap. From here you have clear options: buy now with PMI and cancel it later, shop a slightly cheaper home so your $30,000 stretches further (on a $250,000 home it is 12%), or keep saving. Seeing the percentage, the loan amount and the gap to 20% in one place turns a vague "is this enough?" into a concrete plan.
What percentage down does your savings buy?
If you have a fixed amount saved, this table shows the down payment percentage it buys at four price points. Bold cells clear the 20% mark and skip PMI on a conventional loan.
| Cash saved | $250,000 home | $350,000 home | $450,000 home | $600,000 home |
|---|---|---|---|---|
| $15,000 | 6.0% | 4.3% | 3.3% | 2.5% |
| $25,000 | 10.0% | 7.1% | 5.6% | 4.2% |
| $40,000 | 16.0% | 11.4% | 8.9% | 6.7% |
| $60,000 | 24.0% | 17.1% | 13.3% | 10.0% |
| $100,000 | 40.0% | 28.6% | 22.2% | 16.7% |
The same dollars buy a much higher percentage on a cheaper home, which is why shopping a lower price is one of the fastest ways to flip the PMI flag off: $60,000 is 24% down on a $250,000 home but only 10% on a $600,000 one.
Factors that change how much you should put down
The "right" down payment is a balance of competing pressures. The ones that move the decision most are:
- Loan type: a VA or USDA loan can be 0% down, while a conventional loan needs 20% to skip PMI — the same buyer can have wildly different minimums.
- PMI cost: if mortgage insurance on your loan is cheap, paying it temporarily may beat draining your savings to reach 20%.
- Cash reserves: lenders and good sense both favor keeping a few months of payments in the bank after closing.
- Closing costs: 2%–5% of the loan is due on top of the down payment, so a bigger down payment leaves less for fees.
- Interest rate: a larger down payment lowers your loan-to-value ratio, which can earn a marginally better rate.
- How long you will stay: if you plan to move in a few years, tying up extra cash for a small monthly saving may not pay off.
Tips to reach your down payment faster
If the gap to your target feels large, a few moves shorten the timeline:
- Automate the savings: a standing transfer to a separate high-yield account on payday makes the down payment grow without willpower.
- Lower your target percentage: dropping from 20% to 10% (or 3.5% on FHA) can cut years off the wait — accept temporary PMI and cancel it later.
- Use down payment assistance: state housing finance agencies, cities and nonprofits offer grants and low-interest second loans for eligible buyers.
- Consider gift funds: many programs allow family gifts toward the down payment with a gift letter.
- Shop a lower price: the same savings buys a higher percentage on a cheaper home, which can flip the PMI flag off.
Key down payment terms explained
- Down payment: the cash you pay upfront, the rest of the price being borrowed. It is your starting equity in the home.
- Loan amount: the home price minus your down payment — the part you finance and pay interest on.
- PMI (private mortgage insurance): a monthly charge on conventional loans when you put down under 20%, protecting the lender against default.
- LTV (loan-to-value): the loan balance divided by the home value. A 20% down payment means an 80% LTV; PMI cancels as LTV falls to 80% (request) and 78% (automatic).
- Equity: the share of the home you own outright. Your down payment is your initial equity; it grows as you pay down principal and as values rise.
- Earnest money: a good-faith deposit made with your offer that is typically credited toward the down payment at closing — not an extra cost on top.
Limitations and assumptions
This calculator answers a focused question — how much you put down and what loan that leaves — so keep its boundaries in mind:
- It does not include closing costs, prepaid property tax and home insurance, or lender fees, all of which are owed in addition to the down payment.
- It flags whether PMI applies but does not estimate the PMI dollar amount or your monthly payment — use the Mortgage Calculator for that.
- The 20% PMI rule applies to conventional loans; FHA loans carry mortgage insurance differently and often for the life of the loan.
- Lender and program minimums can be higher than the figures shown, especially for second homes, investment properties or jumbo loans.
- It assumes the full down payment is your own (or gifted) cash and does not model down payment assistance second loans.
How it compares to related calculators
This page answers "how much do I put down, and what loan does that leave?" If your question is different, a sister tool fits better:
- To turn that loan into a full monthly payment with taxes, insurance and PMI, use the Mortgage Calculator.
- To estimate the cash due at signing beyond the down payment, use the Closing Cost Calculator.
- To find the maximum price your income supports, use the House Affordability Calculator.
- To dig into the PMI charge itself and when it drops off, use the PMI Calculator.
Sources
- Consumer Financial Protection Bureau (CFPB) — Owning a Home: down payments and mortgage basics.
- Consumer Financial Protection Bureau (CFPB) — What is private mortgage insurance (PMI)?
- U.S. Department of Housing and Urban Development (HUD) — Buying a Home (FHA and program down payment rules).
- Homeowners Protection Act of 1998 — federal PMI cancellation at 78%/80% LTV.
⚠️ Common mistakes & edge cases
Spending every dollar on the down payment
Reaching 20% to dodge PMI is appealing, but emptying your savings leaves nothing for closing costs, repairs or emergencies. Keep a cushion even if it means a smaller down payment and temporary PMI.
Forgetting closing costs are separate
Closing costs commonly run 2%–5% of the loan amount and are owed on top of the down payment. On a $360,000 loan that is roughly $7,000–$18,000 you also need at closing.
Assuming 20% is required
Many buyers wait years to save 20% when conventional loans can start at 3% and FHA at 3.5%. You may be able to buy sooner, pay PMI temporarily, and cancel it once you reach 20% equity.
Confusing percent and dollars
"10% down" and "$10,000 down" are very different on a $400,000 home ($40,000 vs $10,000). Use the toggle to be sure you are comparing the same thing across lenders and listings.
❓ Frequently asked questions
How much down payment do I need to buy a house?
There is no single required amount. Conventional loans can start as low as 3% down, FHA loans require 3.5%, and VA and USDA loans can allow 0% for eligible buyers. Putting down 20% lets you avoid private mortgage insurance (PMI) on a conventional loan. The right amount depends on your savings, loan type and monthly budget.
How is the down payment calculated?
Down payment in dollars = home price x down payment percentage. For example, 10% on a $400,000 home is $400,000 x 0.10 = $40,000. The loan amount is the home price minus the down payment, so $400,000 - $40,000 = $360,000.
Why does 20% down matter?
On a conventional loan, a down payment of 20% or more means you do not have to pay private mortgage insurance (PMI). With less than 20% down, lenders usually charge PMI to protect against default, which adds to your monthly payment until you build enough equity.
What is PMI and when does it apply?
Private mortgage insurance (PMI) is an extra monthly charge on conventional loans when your down payment is under 20%. Under the federal Homeowners Protection Act, the lender must automatically cancel PMI once the loan balance reaches 78% of the original value, and you can request removal at 80%.
Does a bigger down payment lower my monthly payment?
Yes. A larger down payment reduces the loan amount, so you borrow less and pay less interest each month. Reaching 20% also removes PMI on a conventional loan. The trade-off is that more cash is tied up in the home and unavailable for closing costs, repairs or an emergency fund.
Can I use gift money for a down payment?
Often yes. Many loan programs allow gift funds from family for part or all of the down payment, but lenders typically require a gift letter and may have rules on the source. Check with your lender, as requirements vary by loan type.
What other costs come on top of the down payment?
Beyond the down payment you will also owe closing costs, which commonly run about 2% to 5% of the loan amount, plus prepaid items like property tax and home insurance. Budget for these separately so the down payment does not drain your entire savings.
Is a 0% down payment a good idea?
For eligible borrowers, VA and USDA loans allow 0% down, which lets you buy without a large cash reserve. The trade-off is that you finance the entire purchase price, so your loan and monthly payment are larger and you start with little or no equity. If home values dip, a zero-down buyer can owe more than the home is worth. It can still be the right choice when it gets you into a home you would otherwise wait years to afford, especially if you qualify for a fee-free program.
How long does it take to save a down payment?
It depends on the price, your target percentage and how much you can set aside each month. As a rough guide, saving 10% on a $300,000 home means $30,000; putting away $1,000 a month gets you there in about two and a half years, while $500 a month takes roughly five years. Choosing a lower-down-payment loan, using down-payment assistance, or accepting temporary PMI can shorten that timeline considerably.
Does my down payment affect my interest rate?
It can. A larger down payment lowers the loan-to-value ratio, which lenders view as less risky, so it may help you qualify for a slightly better rate. It also reduces or removes mortgage insurance. That said, your credit score, loan type and debt-to-income ratio usually move the rate more than the down payment alone, so shop several lenders to compare real offers.
What is a down payment assistance program?
Down payment assistance (DPA) programs are grants or low-interest second loans, usually run by state housing finance agencies, cities or nonprofits, that help cover part of your down payment or closing costs. Eligibility often depends on income limits, the purchase price, being a first-time buyer, or completing a homebuyer education course. Check your state housing finance agency to see what is available where you plan to buy.
Can I enter a dollar amount instead of a percentage?
Yes. This calculator works both ways. Toggle to dollars and type the cash you have, and it shows what percentage that buys you, the resulting loan amount, and whether you clear the 20% mark. Toggle to percent and it shows the dollar figure instead. That is handy when you have a fixed amount saved rather than a target percentage.
Does the down payment include closing costs?
No. Closing costs are separate from the down payment and are owed in addition to it, usually about 2% to 5% of the loan amount, plus prepaid items like property tax and home insurance. This calculator shows the down payment and loan amount only, so budget closing costs separately rather than assuming the down payment covers everything due at signing.
How do I figure out the down payment on a house?
Multiply the home price by the down payment percentage you plan to use. For a $350,000 home at 10%, that is $350,000 x 0.10 = $35,000, which leaves a $315,000 loan. To check whether you avoid PMI, compare your down payment to 20% of the price ($70,000 here); anything below that means PMI applies on a conventional loan until you build 20% equity.
What percentage is a $50,000 down payment?
It depends on the home price, because percentage equals down payment divided by price times 100. A $50,000 down payment is 20% on a $250,000 home, 12.5% on a $400,000 home and 10% on a $500,000 home. Only the $250,000 case reaches 20%, so it is the only one of the three that skips PMI on a conventional loan.
💡 Good to know
20% is a goal, not a rule
Twenty percent down lets you skip PMI, but it is not required to buy. Conventional loans can start at 3%, FHA at 3.5%, and VA and USDA at 0% for eligible buyers. Waiting years to hit 20% can cost more in rent and missed appreciation than temporary PMI would.
Keep cash beyond the down payment
Closing costs (about 2%–5% of the loan), prepaid taxes and insurance, moving and repairs all come on top of the down payment. Emptying your savings to reach 20% can leave you exposed right after the most expensive purchase of your life.
PMI is not forever
If you put down under 20%, you can request PMI cancellation once your balance reaches 80% of the original value, and the lender must drop it automatically at 78%. Extra principal payments get you there faster.
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