Down Payment Calculator
Calculate how much to save for a down payment and compare percentages.
Down Payment Goal (20%)
$80,000
$60,000 remaining — 3 yr 4 mo to goal
| Down % | Amount | Loan | Time to Save | Conventional PMI |
|---|---|---|---|---|
| 5% | $20,000 | $380,000 | Ready! | Often |
| 10% | $40,000 | $360,000 | 1 yr 2 mo | Often |
| 15% | $60,000 | $340,000 | 2 yr 3 mo | Often |
| 20%selected | $80,000 | $320,000 | 3 yr 4 mo | Usually not |
| 25% | $100,000 | $300,000 | 4 yr 6 mo | Usually not |
Savings time assumes the same monthly contribution with no interest or change in home price. PMI depends on your loan and lender; these labels are not an insurance quote.
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Down Payments and Mortgage Insurance
You do not necessarily need 20% down to buy a home. A conventional loan with less than 20% down often requires private mortgage insurance (PMI), but requirements and premiums depend on the loan. FHA, VA, and USDA loans follow different rules. Compare actual loan estimates rather than treating the PMI indicator above as a quote. See the CFPB guide to PMI.
For many covered mortgages, you may request PMI cancellation at 80% of the home's original value, subject to conditions; automatic termination is generally scheduled at 78% if payments are current. FHA and VA rules differ. Read the CFPB cancellation guidance.
Down Payment Assistance Programs
First-time buyers shouldn't overlook assistance programs. Most states have:
- Down payment assistance grants (free money, not repaid)
- Soft second mortgages (deferred or forgivable loans)
- Below-market interest rate programs
Search "[your state] down payment assistance" or visit the HUD website for a directory. Income limits apply, but many programs extend to moderate-income buyers. Once you know your target down payment, use our loan calculator and amortization calculator to model the full picture.
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When to use this
You're starting to think about buying a home and the first question is: how much cash do I need upfront? The answer depends on the home price and the percentage you want to put down. This calculator compares 5%, 10%, 15%, 20%, and 25% down, so you can see the range of savings goals instead of assuming you need 20% or nothing.
It's also a savings planning tool. Enter your current savings and a steady monthly contribution to estimate how many months it may take to reach your target. The estimate does not include savings interest, changes in home price, closing costs, or other cash needed to buy.
Even if you're not buying soon, understanding down payment math helps you set long-term savings targets. A $400,000 home at 20% down requires $80,000 — a number that changes how you think about discretionary spending, investment allocation, and timeline. Knowing the number is the first step to reaching it.
Good to know
You don't necessarily need 20% down. A conventional loan with less than 20% down often requires PMI, but the requirement and price vary by loan and lender. For many covered mortgages, borrower-requested cancellation may be available at 80% of the home's original value subject to conditions; automatic termination is generally scheduled at 78% if payments are current. FHA and VA rules differ. See CFPB PMI guidance.
Compare the full loan offer. A larger down payment reduces the amount borrowed and may affect the rate or mortgage-insurance cost, but this calculator does not quote either. Compare lender Loan Estimates for your actual options. See CFPB down-payment guidance.
Plan for costs beyond the down payment. Closing costs, moving, and repairs require additional cash. The savings timeline here excludes those costs and assumes no interest earned on savings.
Quick Reference
| Home Price | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| $250,000 | $12,500 | $25,000 | $50,000 |
| $350,000 | $17,500 | $35,000 | $70,000 |
| $450,000 | $22,500 | $45,000 | $90,000 |
| $550,000 | $27,500 | $55,000 | $110,000 |
| $700,000 | $35,000 | $70,000 | $140,000 |
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