Down Payment Calculator
Compare 3%, 5%, 10%, and 20% down. See exactly how much cash you need upfront and how it impacts your monthly payment.
Loan Basics
Upfront Cash
Monthly Payment
Plan the First Big Number
Your down payment affects more than the cash you bring to closing.
It can change your loan amount, monthly payment, PMI, interest cost, and overall affordability. A down payment calculator helps you compare different upfront amounts before choosing a home or loan option.
Payment Size
Your down payment is the part of the home price you pay upfront.
A larger down payment lowers the loan balance. A smaller down payment may help you buy sooner, but it can increase the monthly payment.
Cash Needed
Your down payment is not the only upfront cost.
You may also need money for closing costs, prepaid taxes, homeowners insurance, and escrow deposits.
Use the "Include 3% Closing Costs" toggle to see your true cash needed.
PMI Impact
PMI may apply when you put less than 20% down on many conventional loans.
Adding PMI to the estimate helps you see the real cost of a lower down payment.
Click the "20% Down" tab at the top of the calculator to watch the PMI instantly drop to $0.
Key Inputs to Test:
- Home price
- Down payment %
- Interest rate
- Closing costs
Smart Compare
Use the quick-tabs to compare scenarios:
- 3% vs. 5% down
- 10% vs. 20% down
- Payment with and without PMI
- Lower cash upfront vs. lower monthly payment
- Down payment plus closing costs
Down Payment Note
A down payment calculator helps buyers choose the right balance between upfront cash and monthly comfort.
By comparing loan amount, PMI, closing costs, and payment changes, you can plan a purchase that protects both your savings and your budget.
Quick Answers
How much down payment do I need for a house?
While 20% is the traditional standard to avoid PMI, many buyers purchase homes with much less. Conventional loans often allow as little as 3% down, FHA loans require 3.5%, and VA or USDA loans may offer 0% down for eligible borrowers.
What is PMI (Private Mortgage Insurance)?
PMI is a type of insurance you may be required to pay if your down payment is less than 20% of the home's purchase price. It protects the lender in case you default on the loan, but it adds to your monthly payment cost.
Should I put more money down or keep cash for closing costs?
You must have enough cash to cover both the down payment and closing costs. If cash is tight, it is often better to make a smaller down payment (like 5% instead of 10%) so you have enough cash reserves left for closing costs, moving expenses, and emergencies.
Does a larger down payment lower my interest rate?
Yes, a larger down payment can sometimes help you secure a lower interest rate, because the lender takes on less risk. However, the most significant savings come from reducing the total loan amount and eliminating PMI.