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
| Field | What to enter |
|---|---|
| Purchase price | Amount in your currency |
| Down payment percentage | In % |
| I already saved | Amount in your currency |
| And every month I’m saving | Amount in your currency |
| Interest on savings | In % |
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 payment |
|---|---|
| 5 | 20,000 |
| 7.5 | 30,000 |
| 10 | 40,000 |
| 12.5 | 50,000 |
| 15 | 60,000 |
| 20 | 80,000 |
Formula
Down payment = home price × down payment %Loan = price − down paymentMonths to save = (down payment − savings) ÷ monthly saving (with interest if entered)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.
Frequently asked questions
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 %.