Down Payment Calculator
See how much cash you need to buy a home, how long it takes to save, and how your down payment changes the monthly payment
Home and Savings
20% avoids PMI on a conventional loan
Often 2%–5%
e.g. a high-yield savings account
Applies below 20% down
Cash you need to buy
$92,000
$80,000 down (20.0%) + $12,000 closing costs · saved in 5 yr 6 mo
Down payment
$80,000
loan of $320,000
Closing costs
$12,000
Monthly payment
$2,022.62
no PMI; before taxes and insurance
Time to save
5 yr 6 mo
at $1,000 a month
Saving for the down payment
Goal: $92,000
Monthly payment by down payment
Principal and interest, plus PMI below 20% down
Down Payment Options
| Down Payment | Loan | Monthly P&I | PMI | Cash Needed |
|---|---|---|---|---|
| 3% ($12,000) | $388,000 | $2,452.42 | $161.67 | $24,000 |
| 3.5% ($14,000) | $386,000 | $2,439.78 | $160.83 | $26,000 |
| 5% ($20,000) | $380,000 | $2,401.86 | $158.33 | $32,000 |
| 10% ($40,000) | $360,000 | $2,275.44 | $150.00 | $52,000 |
| 15% ($60,000) | $340,000 | $2,149.03 | $141.67 | $72,000 |
| 20% ($80,000) | $320,000 | $2,022.62 | — | $92,000 |
| 25% ($100,000) | $300,000 | $1,896.20 | — | $112,000 |
Payments exclude property tax, homeowners insurance and HOA fees. FHA loans allow 3.5% down with different mortgage insurance.
How Much to Put Down
You don't always need 20% down: many conventional loans accept 3% to 5%, and FHA loans 3.5%. A smaller down payment means a bigger loan, a higher payment and, below 20% on a conventional loan, private mortgage insurance. Remember closing costs, often 2% to 5% of the price, and keep an emergency fund after you buy.
The Formulas
Down payment = price × down %
Cash needed = down payment + closing costs
PMI ≈ loan × PMI rate ÷ 12 below 20% down
Savings grow monthly at (1 + rate)^(1/12) − 1 with deposits at the end of each month.
Saving for a Home
- •Keep down payment savings in a high-yield savings account or CDs, not stocks
- •Look for first-time buyer and down payment assistance programs
- •Gift money from family is allowed with most loans, with paperwork
- •Ask the seller to cover part of the closing costs
- •Don't drain your emergency fund for the down payment