Finance

Down Payment Calculator

Calculate the down payment needed and see how different amounts affect your monthly payment.

Home Price ($)

Down Payment (%)

Interest Rate (%/yr)

Loan Term (years)

Monthly Savings ($)

Formula:
Down Payment = Home Price × Down%
Loan = Home Price − Down Payment
Months to Save = Down Payment / Monthly Savings

How Much Down Payment Do You Need?

While 20% down is traditional, many loan programs accept much less:

Conventional: As low as 3% (with PMI)
FHA: 3.5% minimum
VA: 0% for eligible veterans
USDA: 0% in eligible rural areas

Why 20% Matters

At 20% down, you avoid PMI (Private Mortgage Insurance), which typically costs 0.3%–1.5% of the loan annually. On a $320,000 loan, PMI adds $80–$400 per month.