# Down Payment Calculator

URL: https://speedycalculator.com/calculators/finance/down-payment/
Last updated: 2026-10-25

> The down payment calculator works out how much you need to put down on a home for a given percentage – or the percentage for a given amount – the resulting loan, whether you'll need mortgage insurance, and how long it will take to save it.

## Inputs

- Purchase price
- Down payment percentage (%)
- I already saved
- And every month I'm saving
- Interest on savings (%)

## Results

- Down payment
- Loan amount
- Mortgage insurance
- Time to save the down payment
- In years

## Formula

```
Down payment = home price × down payment %
Loan = price − down payment
Months to save = (down payment − savings) ÷ monthly saving (with interest if entered)
```

## Explanation

Conventional loans allow as little as 3% down, FHA loans 3.5% and VA and USDA loans 0%. Putting down 20% avoids private mortgage insurance (PMI) on a conventional loan.

### How to use the Down Payment Calculator

- **Purchase price**
- **Down payment percentage**
- **I already saved**
- **And every month I'm saving**
- **Interest on savings**
- Every result field is editable: type into **Down payment** and **Down payment percentage** plus every other field update to match.

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the home price and down payment percentage (or type an amount into the result), plus your savings and monthly saving.

### Tips

- Get a written loan estimate and compare the APR, not just the interest rate.
- Include property tax, insurance, HOA fees and maintenance in your monthly budget.
- A larger down payment lowers the payment and can remove mortgage insurance.
- Rates change daily – use a current quote for the most accurate result.

### Common mistakes to avoid

- Looking only at the monthly payment instead of the total cost of the loan.
- Forgetting closing costs and fees.
- Assuming home prices always rise.

### Inputs explained

FieldWhat to enterPurchase priceAmount in your currencyDown payment percentageIn %I already savedAmount in your currencyAnd every month I'm savingAmount in your currencyInterest on savingsIn %

### What each result means

- **Down payment** = [Purchase price]×[Down payment percentage]÷100
- **Loan amount** = [Purchase price] - [Down payment]
- **In years** = [Time to save the down payment]÷12

### Example values

How the main result changes when **Down payment percentage** changes and everything else stays at the example values above:

Down payment percentage (%)Down payment520,0007.530,0001040,00012.550,0001560,0002080,000

## Worked example

Inputs — Purchase price: $400,000; Down payment percentage: 10 %; I already saved: $15,000; And every month I'm saving: $1,200; Interest on savings: 4 %.

Results — **Down payment = $40,000.00**; Loan amount = $360,000.00; Mortgage insurance = PMI likely on a conventional loan; Time to save the down payment = 19.4 months; In years = 1.6.

## FAQ

**How much should I put down on a house?**
20% avoids PMI, but many buyers put down 3–10%.

**What is the minimum down payment?**
3% for conventional, 3.5% for FHA, 0% for VA and USDA loans.

**Do closing costs count toward the down payment?**
No – budget an extra 2–5% for closing costs.

**What formula does the Down Payment Calculator use?**
Down payment = home price × down payment %.


## Sources

- [Consumer Financial Protection Bureau](https://www.consumerfinance.gov/)