Down Payment Calculator
Calculate how much to save for a down payment and compare percentages.
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Down Payment Goal (20%)
$80,000
$60,000 remaining -- 3 yr 4 mo to goal
| Down % | Amount | Loan | Time to Save | PMI |
|---|---|---|---|---|
| 5% | $20,000 | $380,000 | Ready! | Yes |
| 10% | $40,000 | $360,000 | 1 yr 2 mo | Yes |
| 15% | $60,000 | $340,000 | 2 yr 3 mo | Yes |
| 20%selected | $80,000 | $320,000 | 3 yr 4 mo | No |
| 25% | $100,000 | $300,000 | 4 yr 6 mo | No |
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Down Payment Requirements by Loan Type
| Loan Type | Minimum Down | Notes |
|---|---|---|
| Conventional | 3% - 20% | <20% requires PMI |
| FHA | 3.5% | Credit score 580+; 10% if below 580 |
| VA | 0% | Military/veterans only |
| USDA | 0% | Rural areas; income limits apply |
| Jumbo | 10%-20% | Loans above conforming limits |
PMI (private mortgage insurance) is required on conventional loans with less than 20% down. It typically costs 0.5--1.5% of the loan amount annually. On a $400,000 loan, that's $2,000--$6,000 per year until you reach 20% equity.
The PMI cost often makes reaching 20% down worth pursuing -- but if it delays buying by years while rents and home prices rise, the math may favor buying sooner with less down.
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.
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, the percentage you want to put down, and how long you have to save. This calculator shows the exact dollar amount at every common percentage — 3%, 5%, 10%, 15%, 20%, 25% — so you can see the full range of options instead of assuming you need 20% or nothing.
It's also a savings planning tool. If you're putting away $1,500 a month toward a down payment and you have $12,000 saved, how many months until you hit your target? Factor in interest from a high-yield savings account and the timeline shortens. The calculator makes the goal concrete: this is exactly how much, saved over exactly this many months.
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
20% eliminates Private Mortgage Insurance (PMI). PMI typically costs 0.5%–1% of the loan amount per year, added to your monthly payment. On a $320,000 loan (80% of $400,000), that's $133–$267/month. PMI protects the lender, not you — it drops off automatically when you reach 20% equity, but that could take years. Putting 20% down avoids it entirely.
You don't need 20% to buy a home. Conventional loans allow as little as 3% down (with PMI). FHA loans require 3.5% with a credit score of 580+. VA loans for veterans require 0%. USDA loans for rural areas also offer 0% down. The tradeoff is higher monthly payments and PMI, but it gets you into a home sooner.
A larger down payment gets you a better rate. Lenders see a bigger down payment as lower risk. The rate difference between 5% down and 20% down can be 0.25–0.5%, which on a $350,000 loan translates to $50–$100/month or $18,000–$36,000 over 30 years.
Don't drain your savings completely. Financial advisors recommend keeping 3–6 months of expenses as an emergency fund even after the down payment. Closing costs (2–5% of the home price) are separate from the down payment, and moving into a new home inevitably involves unexpected expenses.
Quick Reference
| Home Price | 5% Down | 10% Down | 20% Down | PMI at 10% |
|---|---|---|---|---|
| $250,000 | $12,500 | $25,000 | $50,000 | ~$94–$188/mo |
| $350,000 | $17,500 | $35,000 | $70,000 | ~$131–$263/mo |
| $450,000 | $22,500 | $45,000 | $90,000 | ~$169–$338/mo |
| $550,000 | $27,500 | $55,000 | $110,000 | ~$206–$413/mo |
| $700,000 | $35,000 | $70,000 | $140,000 | ~$263–$525/mo |