Use this Down Payment Calculator to estimate how much money you may need to put down on a home, how much your loan amount could be, and whether private mortgage insurance may apply.
What Is a Down Payment?
A down payment is the amount of money you pay upfront when buying a home. The rest of the purchase price is usually financed through a mortgage.
How Much Down Payment Do You Need?
Many buyers put down anywhere from 3% to 20%, depending on the loan type, lender requirements, credit profile, and personal budget. A larger down payment can reduce your loan amount and may lower your monthly payment.
Can 20% Down Help Avoid PMI?
Putting 20% down on many conventional loans may help avoid private mortgage insurance, also known as PMI. PMI can increase your monthly payment, so comparing different down payment amounts can help you plan more confidently.
How This Calculator Works
Enter the home price, down payment amount, interest rate, and loan term. The calculator estimates your down payment percentage, loan amount, estimated monthly payment, whether PMI may apply, and how much extra may be needed to reach 20% down.
Final Thoughts
Your down payment can have a major impact on your loan amount, monthly payment, and PMI costs. Use this calculator to compare scenarios before buying a home.
Want to see how your down payment affects affordability? Try our Mortgage Affordability Calculator.