Down Payment Calculator
Work out how much cash you need up front to buy a home. Enter the price, your down payment as a percent or a dollar amount, the loan term and the interest rate to see your down payment, the loan amount and the estimated monthly payment — private, with nothing uploaded.
What is a down payment calculator?
A down payment calculator tells you how much cash you need up front to buy a home and how that amount shapes the rest of your mortgage. The down payment is the portion of the purchase price you pay yourself; the balance becomes the loan amount, or principal. This calculator takes the home price, the down payment (as a percent or a dollar amount), the loan term and the rate to work out your down payment, loan amount and monthly principal-and-interest payment.
Your down payment matters beyond the sticker price. A larger payment means a smaller loan, which lowers both your monthly payment and total interest over the life of the loan. It also sets your equity from day one and can decide whether you pay private mortgage insurance (PMI), typically required under 20% down.
While 20% down avoids PMI and often earns a better rate, many buyers put down far less — some loans allow as little as 3% down. This calculator lets you compare scenarios side by side, so you can see how a 10% versus a 20% down payment changes your loan and monthly outlay.
How to use this down payment calculator
- Enter the home price you are considering.
- Choose whether the down payment is a percent or a dollar amount and enter it.
- Set the loan term in years (30 is standard, 15 is common too).
- Enter the annual interest rate you expect, then click Calculate.
How monthly principal & interest is calculated
monthly P&I = P × (r/12 × (1 + r/12)^n) / ((1 + r/12)^n − 1) P = loan amount, r = annual rate, n = months
The monthly payment is a standard amortized loan formula. It spreads your principal plus interest evenly across the term, with more of each early payment going to interest and more going to principal as the loan ages.
Example
With the defaults — a $400,000 home, 20% down, 6.5% per year and a 30-year term — the down payment is $80,000, your loan amount is $320,000, and the monthly principal-and-interest payment is about $2,022.62. Lower the down payment to 10%: the down payment drops to $40,000, the loan rises to $360,000, and the monthly payment climbs to about $2,275.44 — roughly $253 a month more, plus PMI you'd likely owe at under 20% down.
Common use cases
- Budgeting for a purchase: see exactly what you need in cash before you start house hunting.
- 10% vs 20% down: compare the monthly cost of a smaller upfront payment.
- Avoiding PMI: find the down payment that removes private mortgage insurance.
- Saving toward a target: work out how a bigger payment shrinks your total interest.
Pro tips
- 20% is a guideline, not a rule: many loans allow well under 20%, but you will usually pay PMI.
- Don't drain your savings: keep enough liquid for closing costs, repairs and an emergency fund.
- Factor the extras: the full monthly payment also includes taxes, insurance and possibly PMI.
- Ask about assistance: state and local down payment assistance programs can shrink your upfront cash.
Down Payment Calculator FAQ
How much down payment do I need for a house?
It depends on the loan. Conventional loans allow 5-20% down, FHA as low as 3.5%, and VA loans 0% for eligible buyers.
Why is 20% down the standard target?
20% avoids private mortgage insurance, usually earns a lower rate, and gives you 20% equity from day one.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender if you default. It's typically required under 20% down and is a monthly add-on removed once your equity reaches 20-22%.
What is the minimum down payment for a house?
It varies. FHA allows 3.5%, some conventional programs go as low as 3%, and USDA and VA loans can be 0% for eligible buyers.
How much should I put down on a house?
Aim for enough to avoid PMI if you can (20%), but don't drain your savings. Keep cash for closing costs and emergencies too.
How is the down payment calculated?
Your down payment is the home price multiplied by the down payment percentage. If you pay a dollar amount, the percentage is that amount divided by the price.
Does a bigger down payment lower my monthly payment?
Yes. A larger down payment reduces the loan amount, so you borrow less and both your monthly payment and total interest are lower.
Can I buy a house with less than 20% down?
Yes. Many buyers put down well under 20%, but you'll usually pay PMI and start with less equity.
What is down payment assistance?
Down payment assistance (DPA) programs offer grants or low-interest loans that help eligible buyers cover their down payment and closing costs, often via states and non-profits.
Is this down payment calculator free?
Yes. It runs entirely in your browser with no signup, and your figures are never uploaded anywhere.
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