Down Payment Calculator
Calculate how much cash you need upfront for a home down payment and how down payment size alters your monthly mortgage payment.
Calculator Inputs
LiveHow to use the Down Payment Calculator
- 1Enter target home purchase price.
- 2Enter target down payment percentage (3%, 5%, 10%, or 20%).
- 3See down payment dollar amount, remaining mortgage loan balance, and PMI status.
How Down Payment is Calculated
Down payment is calculated as a percentage of gross purchase price. Subtracting down payment gives the required loan amount.
Down payments below 20% on conventional loans typically require Private Mortgage Insurance (PMI).
- 1Down Payment = $320,000 × 0.10 = $32,000
- 2Loan Amount Financed = $320,000 - $32,000 = $288,000
What affects Down Payment results
- Loan program type (FHA loans allow 3.5% down, VA loans allow 0% down, conventional allows 3-20%).
- Closing costs (typically an extra 2% to 5% of purchase price due on closing day).
- Lender minimum reserve requirements.
Frequently Asked Questions
Do I have to put down 20% to buy a home?
No. Many conventional loans allow as little as 3% to 5% down, and FHA loans require 3.5%, though putting down less than 20% adds PMI.
Can gift funds be used for a down payment?
Yes, most conventional and government-backed loan programs allow gift funds from immediate family members with a signed gift letter.
Related Calculators
Frequently used alongside this tool for complete analysis.
Mortgage Calculator
Calculate monthly mortgage payments including principal, interest, property taxes, home insurance, and HOA fees with amortization breakdown.
Home Loan Calculator
Calculate home loan installments, total interest charges, and loan tenure impacts for new home purchases and refinances.
Loan-to-Value (LTV) Calculator
Calculate your Loan-to-Value (LTV) ratio and home equity percentage to see if Private Mortgage Insurance (PMI) is required.
Rent vs Buy Calculator
Compare the long-term financial cost of renting versus buying a home over 5 to 30 years, factoring in property appreciation, mortgage, and equity.
Mortgage Affordability Calculator
Calculate maximum home purchase price and loan amount based on household income, monthly debts, and down payment.
Closing Cost Calculator
Estimate buyer closing costs including lender origination fees, title insurance, appraisal, escrow, and government recording fees.