Down Payment Calculator
Calculate how much down payment you need for a home purchase and see how different percentages affect your mortgage.
Down Payment Needed
$0
Loan Amount
$0
Monthly Payment (P&I)
$0
PMI Required?
No
Full Payment Breakdown
Principal & Interest
$0
Est. Property Tax (monthly)
$0
Est. Home Insurance (monthly)
$0
Est. Total Monthly Payment
$0
Total Cost of Loan
Total of All Payments
$0
Total Interest Paid
$0
Down Payment Comparison
| Down % | Down Payment | Loan | Monthly |
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Down Payment Guide
How Much Should You Put Down?
The traditional recommendation is 20% to avoid PMI (Private Mortgage Insurance), but many buyers put down less:
- 3-5%: FHA loans, first-time buyer programs
- 10%: Popular middle ground
- 20%: Avoid PMI, lower monthly payments
- 25%+: Better rates, lower risk profile
What is PMI?
Private Mortgage Insurance protects the lender if you default. Required when down payment is less than 20%.
Typical cost: 0.5% - 1% of loan amount per year
Example: On a $320,000 loan, PMI could be $133-$267/month
Good news: PMI can be removed once you reach 20% equity!
Benefits of Larger Down Payment
- No PMI: At 20%, you avoid this extra monthly cost
- Lower monthly payments: Smaller loan = smaller payments
- Better interest rates: Lower risk often means better rates
- Instant equity: Protection against market downturns
- Easier approval: Shows financial stability to lenders
- Less interest over time: Pay much less in total
Don't Forget Closing Costs
Beyond your down payment, budget for closing costs:
- Typical range: 2-5% of home price
- Includes: Appraisal, inspection, title insurance, attorney fees, origination fees
- On a $400,000 home: $8,000-$20,000 in closing costs
Rule of thumb: Save down payment + 3% for closing + 3-6 months emergency fund before buying.