Down Payment Calculator
Free down payment calculator: the down payment, loan amount, monthly payment and PMI for any price and percentage, and how much to save to reach 20%.
What it does
The down payment is the part of the home price you pay up front; the rest is the mortgage. A bigger down payment lowers the loan, the monthly payment and the interest, and with 20% or more you avoid private mortgage insurance (PMI) on a conventional loan. This calculator shows the down payment in dollars, the loan, the monthly principal and interest and the PMI, and how much you still need to save to reach 20%.
How to use it
- Type the home price and the down payment as a percentage.
- Add the interest rate, the term and the PMI rate from your lender.
- Type how many months you can save to see the monthly amount needed to reach 20%.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
What is the minimum down payment?
Some conventional loans accept 3% down, FHA loans 3.5% with a credit score of 580 or more, and VA and USDA loans can have no down payment at all. Less down means a bigger loan and usually mortgage insurance.
When does PMI go away?
On a conventional loan you can ask to cancel PMI when the balance reaches 80% of the original home value, and it ends automatically at 78%, under the Homeowners Protection Act. FHA mortgage insurance follows different rules.
How much does PMI cost?
Usually about 0.3% to 1.5% of the loan a year, depending on the credit score, the down payment and the lender. Ask for a quote and type it in the PMI field.
Should I put everything I have into the down payment?
Keep money for closing costs, often 2% to 5% of the loan, for moving and for an emergency fund. A house brings repairs, and running out of cash right after buying is a common problem.
🧾 Closing Cost Calculator
🏡 House Affordability Calculator
🎖️ VA Loan Calculator