Down Payment Calculator

Calculate how much you need for a down payment and how long it will take to save. This tool processes all data locally in your browser. No information is ever sent to any server. Completely free, no registration required.

How to Use the Down Payment Calculator

1. Enter your input values above
2. Results update automatically
3. Copy or download the output

What is a Down Payment Calculator?

A Down Payment Calculator helps homebuyers determine how much cash they need to bring to closing — the down payment plus closing costs — and how different down payment amounts affect their monthly mortgage payment, PMI requirement, and total loan cost. In 2026, with the median US home price around $420,000, a 20% down payment is $84,000 — a major barrier for first-time buyers. However, many loan programs allow much lower down payments: FHA loans (3.5%), conventional loans (3% for first-timers), VA loans (0% for veterans), and USDA loans (0% for rural properties). Each option has different PMI, rate, and eligibility implications.

How Does It Work?

Enter the home price and your desired down payment percentage or dollar amount. The calculator computes: Loan Amount = Home Price − Down Payment; PMI (if <20% down) = 0.5-1.5% of loan amount annually; Closing Costs = 2-5% of purchase price. It also shows the total cash needed at closing (down payment + closing costs) and compares monthly payments across different down payment levels — 3%, 5%, 10%, 15%, 20%.

Formula

Down Payment = Home Price × Down Payment%\nLoan Amount = Home Price − Down Payment\n\nPMI (if LTV > 80%):\nAnnual PMI = Loan Amount × PMI Rate% (typically 0.5-1.5%)\nMonthly PMI = Annual PMI ÷ 12\n\nCash at Closing = Down Payment + Closing Costs\nClosing Costs ≈ Home Price × 2-5%\n\nLTV% = Loan Amount ÷ Home Price × 100%

Who Uses This Tool?

• First-time homebuyers calculating how much to save before buying
• Buyers comparing loan programs: FHA (3.5%) vs. Conventional (3-20%) vs. VA (0%)
• Move-up buyers estimating proceeds from current home sale for next down payment
• Real estate agents helping clients understand cash-to-close requirements
• Anyone evaluating whether they have enough savings to buy at a given price point

Pro Tips

• PMI isn't forever: once your LTV reaches 80%, request PMI cancellation. At 78%, lenders must cancel automatically (for conventional loans). Budget PMI as an extra $50-200/month
• Gift funds for down payments are allowed in most loan programs. FHA and conventional loans allow 100% gift funds for down payment from family members
• First-time buyer programs exist in every state: down payment assistance grants, low-interest loans, and tax credits. Check your state's Housing Finance Agency website
• A larger down payment isn't always best: keeping extra cash for an emergency fund and home repairs is often wiser than depleting savings to reach 20% down

Frequently Asked Questions about Down Payment Calculator

Do I really need 20% down to buy a house?

No. The median first-time buyer puts down 7-8%. FHA loans require 3.5%, conventional loans as low as 3% for first-timers, and VA/USDA loans require 0%. 20% avoids PMI and gives the best rates, but it's not required.

What are closing costs?

Closing costs are fees beyond the down payment: lender fees (origination, underwriting), third-party fees (appraisal, title search, attorney), and prepaids (property taxes, homeowners insurance). They typically total 2-5% of the purchase price. On a $400,000 home, budget $8,000-$20,000.

Free online Down Payment Calculator — no signup, 100% client-side processing. All data stays in your browser.