Down Payment Calculator

Enter your home price and desired down payment percentage to calculate your down payment amount, required loan amount, and estimated monthly mortgage payment. You can also flip it — enter a savings amount to see what percentage that covers. Adjust the interest rate, loan term, and property type to explore different scenarios.

The total purchase price of the home.

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Typical down payments range from 3% to 20%.

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Enter the annual mortgage interest rate.

Minimum down payment requirements vary by property type.

Optional: include for a more complete monthly payment estimate.

Optional: typical home insurance runs $800–$2,000/year.

Results

Down Payment Amount

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Loan Amount

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Est. Monthly Payment (P&I)

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Total Monthly Payment (PITI)

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PMI Required?

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Total Interest Paid

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Total Cost of Loan

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Down Payment vs. Loan Amount

Frequently Asked Questions

How do I calculate a down payment?

Multiply the home price by your desired down payment percentage. For example, a 20% down payment on a $400,000 home is $400,000 × 0.20 = $80,000. The remaining $320,000 becomes your mortgage loan amount.

How much should I put down on a house?

It depends on your financial situation and loan type. A higher down payment lowers your monthly payment and reduces interest paid over the life of the loan. However, putting down less preserves cash for emergencies, renovations, or investments. Most first-time buyers put down between 3% and 10%.

Why is a 20% down payment often recommended?

A 20% down payment lets you avoid Private Mortgage Insurance (PMI), which typically adds 0.5%–1.5% of the loan amount per year to your costs. It also results in a smaller loan, lower monthly payments, and you immediately have significant equity in your home.

What is the minimum down payment for a home?

Minimum requirements vary by loan type. Conventional loans typically require as little as 3% for first-time buyers. FHA loans require 3.5% with a credit score of 580+. VA and USDA loans may require 0% down for qualified borrowers. Investment properties generally require 15%–25%.

What is PMI and when do I need it?

Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. It protects the lender if you default. PMI typically costs 0.5%–1.5% of the loan amount annually and can be removed once you reach 20% equity in your home.

Does the minimum down payment differ for investment properties?

Yes. Investment properties have stricter requirements — most lenders require at least 15%–25% down. Second homes typically require a minimum of 10%. Primary residences have the most flexible options, with some loans starting as low as 3%.

How does my down payment affect my monthly mortgage payment?

A larger down payment reduces the loan principal, which directly lowers your monthly payment and total interest paid. For example, on a $400,000 home at 6.5%, a 10% down payment yields a significantly higher monthly payment than a 20% down payment because the loan balance is $40,000 higher.

Can I use gift funds for a down payment?

Yes, many loan programs allow gift funds from family members, though documentation is usually required showing the money is a gift and not a loan. FHA, conventional, and VA loans each have specific rules about how gift funds can be used and who can provide them.

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