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Down Payment Calculator
Percent or dollars, the target is the same. This down payment calculator keeps both in sync, flags the 20% PMI threshold, estimates 2-5% closing costs and turns the gap into a monthly savings plan — presets included for conventional, FHA and VA loans.
See how this works on a $400,000 house — 3 real examples
Loan-program presets
Save-by-date plan
Down payment needed
$0
20% of a $400,000 home
Loan amount
$0
Loan-to-value (LTV)
0%
Closing costs (2–5% est.)
$0
Total cash to close (est.)
$0
Cash you’ll need at closing
Save-by-date plan
To have $80,000 saved in 36 months, set aside
$0.00 /month
Already saved
$0
Still to save
$0
Savings progress
Month-by-month savings scheduleYour deposit plan
| Month | Monthly deposit | Total saved | Remaining to goal |
|---|
How this mortgage down payment calculator does the math
The core split uses the standard down payment arithmetic:
Down payment = Price × Down% Loan = Price − Down payment
LTV = Loan ÷ Price × 100 Monthly saving = (Down payment − Saved) ÷ Months
Editing the dollar field simply inverts the first equation (Down% = Amount ÷ Price × 100), so both fields always describe the same scenario. PMI is flagged whenever LTV exceeds 80% — that is, whenever the down payment is under 20% — which is the trigger conventional lenders use for private mortgage insurance. Closing costs are estimated at 2–5% of the purchase price, the typical US band for lender, title, escrow and prepaid items; your actual figure depends on your state and lender, so treat it as a range, not a quote. The save-by-date plan is deliberately simple: straight division of the remaining amount over your timeline, with no interest assumed on your savings. Money parked in a high-yield account will grow, so the real target date should arrive a little sooner than shown — the plan is a conservative ceiling. PMI is flagged but not priced here; its cost depends on your credit score and loan program.
Three down payments on one $400,000 house
Same price, three deposits. The percent chosen decides the loan size, the insurance flag, and what the next 36 months of saving look like.
The FHA floor: 3.5% down
down payment$14,000
- A $20,000 savings balance already clears this bar, with $6,000 left over toward closing costs.
- Closing costs push the full bill to somewhere between $22,000 and $34,000.
- The trade: a $386,000 loan, plus a mortgage-insurance charge that rides along for years.
The smallest ticket in — and the lender adds insurance for the cushion that isn’t there.
Load this example (opens in a new tab)The middle road: 10% down
down payment$40,000
- Starting from $20,000 saved, the remaining $20,000 works out to $555.56 a month for 36 months.
- Cash to close lands between $48,000 and $60,000 once closing costs join the down payment.
- The loan drops to $360,000, though the mortgage-insurance flag stays up.
Reachable in three years of steady saving; the insurance charge hasn’t gone anywhere yet.
Load this example (opens in a new tab)The insurance-free line: 20% down
down payment$80,000
- Hitting $80,000 in 36 months means $1,666.67 a month, three times the pace of the 10% plan.
- No mortgage insurance at all, and the loan shrinks to $320,000 — $66,000 lighter than the FHA version.
- Closing day asks for $88,000 to $100,000 in cash, all in.
The insurance flag goes dark, in exchange for the steepest saving schedule of the three.
Load this example (opens in a new tab)Illustrations only, not financial advice. Your own rate, taxes and insurance will differ — check with a qualified financial advisor before acting on any of this.
Down payment basics every first-time home buyer should know
- 20% isn’t required. Conventional loans go to 3%, FHA to 3.5%, VA/USDA to 0% — the typical first-time buyer puts down about 9%.
- 20% is the PMI line. Under it, LTV tops 80% and PMI (~0.3–1.5%/yr) applies until you reach 80% — cancellable at 80%, automatic at 78%.
- Budget for cash-to-close, not just the down payment. Closing costs add 2–5% of price, plus earnest money and lender reserves.
- Waiting has a cost too. If prices rise 4%/yr, a $400k home costs $16k more each year — sometimes buying with PMI beats saving longer.
- The save-by-date plan is a ceiling. It assumes no interest; a 4–5% high-yield account gets you there sooner.
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Frequently asked questions
How much down payment do I need to buy a house?
It depends on the loan program: conventional loans allow as little as 3% down, FHA requires 3.5% (with a 580+ credit score), and VA and USDA loans allow 0% down. On a $400,000 home that ranges from $0 to $14,000 at the minimums, versus $80,000 for a full 20%. The typical first-time buyer puts down roughly 9%. Enter your target price above and this down payment calculator shows each program’s minimum in dollars.
Is a 20% down payment required?
No. Twenty percent is the point where conventional loans stop requiring private mortgage insurance, not a legal minimum, and most buyers put down less. A larger down payment does mean a smaller loan, a lower monthly payment and often a slightly better rate — but waiting years to reach 20% can cost more than PMI if prices are rising in your market.
What are the minimum down payments by loan type?
Conventional: 3% for qualifying (often first-time) buyers, 5% more broadly. FHA: 3.5% with a credit score of 580 or higher, or 10% for scores of 500–579. VA and USDA: 0% for eligible borrowers. Jumbo loans above conforming limits usually want 10%–20%. Each program layers on its own credit, income and property requirements. Toggle the loan-program presets above and it works as an FHA down payment calculator, a conventional loan estimate or a VA loan check without re-entering anything.
How does my down payment affect PMI?
On conventional loans, putting down less than 20% (a loan-to-value above 80%) triggers private mortgage insurance of roughly 0.3%–1.5% of the loan per year — about $90–$450 a month on a $360,000 loan. Bigger down payments earn cheaper PMI rates, and once your balance falls to 80% of the original value you can request removal (it cancels automatically at 78%).
How can I avoid PMI without putting 20% down?
Options include lender-paid PMI (traded for a higher interest rate), an 80-10-10 “piggyback” second loan, VA loans if you’re eligible, and some credit-union portfolio loans. Each has real costs — compare the all-in monthly payment against ordinary PMI, which is temporary and cancellable, before assuming avoiding it is a win.
What is included in cash-to-close besides the down payment?
Closing costs of roughly 2%–5% of the purchase price (lender fees, title, escrow, prepaid taxes and insurance), earnest money that is credited back at closing but needed up front, and often lender-required reserves of 2–6 months of housing payments. That is why this calculator shows a total cash-to-close range, not just the down payment.
Can I use gift funds for my down payment?
Yes. Conventional and FHA loans accept gifts from family members (and some other close relationships) with a signed gift letter stating no repayment is expected, plus documentation of the transfer. FHA allows the entire down payment to be gifted, and conventional does too for primary residences. Lenders will want the paper trail, so move the money early.
Disclaimer: these calculators are educational tools, not financial advice. They model your inputs with published formulas, but they cannot know your full situation — for decisions with real stakes, talk to a qualified professional. Formulas and defaults last reviewed .