Down Payment Calculator
Turn a home price into the down payment, loan amount, loan-to-value and estimated PMI at any percentage, with a side-by-side of 3.5%, 5%, 10%, 15% and 20% down.
Down Payment Calculator: with the default inputs, down payment is $80,000.
Used in percentage mode.
Used in dollar mode.
- Loan amount
- $320,000
- Loan-to-value (LTV)
- 80%
- Estimated PMI
- $0Per month, until you reach 20% equity. $0 at 20% down or more.
- Monthly principal & interest
- $2,023
- P&I + PMI
- $2,023
- Down payment percentage
- 20%
Assumptions
- PMI is estimated as a flat annual percentage of the loan while LTV exceeds 80%; actual premiums vary by credit score and LTV tier.
- The FHA 3.5% row uses the same PMI rate as an approximation for FHA's MIP.
- Monthly payment is principal and interest only — taxes, insurance and HOA are excluded.
| Down | Cash down | Loan | LTV | PMI / mo | P&I / mo | P&I + PMI |
|---|---|---|---|---|---|---|
| 3.5% | $14,000 | $386,000 | 96.5% | $161 | $2,440 | $2,601 |
| 5% | $20,000 | $380,000 | 95% | $158 | $2,402 | $2,560 |
| 10% | $40,000 | $360,000 | 90% | $150 | $2,275 | $2,425 |
| 15% | $60,000 | $340,000 | 85% | $142 | $2,149 | $2,291 |
| 20% | $80,000 | $320,000 | 80% | $0 | $2,023 | $2,023 |
3.5% is the FHA minimum; FHA charges its own mortgage insurance (MIP) rather than PMI, and it usually lasts the life of the loan.
How this is worked out
The formula
Down payment = price × down % (or the amount you enter) Loan = price − down payment LTV = loan ÷ price PMI per month ≈ loan × PMI rate ÷ 12 while LTV > 80% P&I = loan × r(1 + r)^n ÷ ((1 + r)^n − 1)
Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Home price
- A number.in dollars · 0 or more · defaults to 400000
- Enter the down payment as
- Choose one of 2 options.A percentage of the price · A dollar amount
- Down payment
- Used in percentage mode.a percentage · from 0 to 100 · defaults to 20
- Down payment amount
- Used in dollar mode.in dollars · 0 or more · defaults to 80000
- Interest rate(under More options)
- For the monthly payment column.a percentage · from 0 to 30 · defaults to 6.5
- Loan term(under More options)
- A number.from 1 to 40 · whole numbers only · defaults to 30
- PMI rate(under More options)
- Charged while LTV is above 80%. Typical range 0.3–1.5% depending on credit score and LTV.a percentage · from 0 to 3 · defaults to 0.5
What you get back
- Down paymentmain answer
- Loan amount
- Loan-to-value (LTV)
- Estimated PMI
- Per month, until you reach 20% equity. $0 at 20% down or more.
- Monthly principal & interest
- P&I + PMI
- Down payment percentage
What this assumes
- PMI is estimated as a flat annual percentage of the loan while LTV exceeds 80%; actual premiums vary by credit score and LTV tier.
- The FHA 3.5% row uses the same PMI rate as an approximation for FHA's MIP.
- Monthly payment is principal and interest only — taxes, insurance and HOA are excluded.
About this calculator
The down payment does three jobs at once: it sets the size of your loan, it sets your loan-to-value ratio (which drives your rate and whether you pay mortgage insurance), and it's the biggest check you'll write at closing. This calculator converts a price and a percentage — or a dollar amount you've saved — into all of those, and lays out the standard 3.5%, 5%, 10%, 15% and 20% options side by side so you can see what each extra chunk of savings actually buys you.
How to use it
Enter the price. Choose whether you're thinking in percent ("I want to put 10% down") or dollars ("I have $45,000"). Open More options to set the rate, term and PMI rate used for the monthly columns — the PMI default of 0.5% a year is mid-range; borrowers with lower credit scores or 5% down pay closer to 1%, strong borrowers at 15% down closer to 0.3%.
Reading the results
- Loan-to-value is the lender's key risk number. Above 80% you pay private mortgage insurance on a conventional loan; above 95–97% most conventional programs stop.
- Estimated PMI is a monthly cost that protects the lender, not you. It goes away once you reach 20% equity — automatically at 22% under federal law, or on request at 20%.
- P&I + PMI in the scenario table is the fair way to compare down payments: less down means both a bigger loan payment and an insurance premium on top.
How much should you put down?
Twenty percent avoids PMI and gets the best pricing, but waiting years to save it while prices and rents rise can cost more than the PMI would. Many first-time buyers put down 5–10% and cancel PMI after a few years of appreciation and paydown. Keep enough cash after closing for an emergency fund and the first year of repairs — a 20% down payment that leaves you with nothing is riskier than 10% with reserves.
Minimums by loan type
- Conventional: 3% for some first-time programs, otherwise 5%; PMI above 80% LTV.
- FHA: 3.5% with a 580+ credit score; mortgage insurance premium (MIP) instead of PMI, including an upfront 1.75% fee, and usually for the life of the loan.
- VA and USDA: 0% for eligible borrowers, with a funding or guarantee fee instead of monthly insurance.
Closing costs — typically 2–5% of the price — come on top of the down payment.
Frequently asked questions
▸How much is a 20% down payment on a $400,000 house?
$80,000, leaving a $320,000 loan at 80% LTV with no PMI. Closing costs of roughly $8,000–$20,000 come on top.
▸What is the minimum down payment for a house?
3% on some conventional programs, 3.5% for FHA, and 0% for VA and USDA loans if you're eligible. Anything under 20% on a conventional loan means paying PMI until you reach 20% equity.
▸How much does PMI cost?
Usually 0.3% to 1.5% of the loan per year, paid monthly, depending on credit score and how far below 20% you are. On a $360,000 loan at 0.5% that's about $150 a month.
▸When does PMI go away?
You can request cancellation once your balance reaches 80% of the original value, and the lender must cancel it automatically at 78%. Appreciation can get you there sooner if you request a new appraisal.
▸Is it better to put more down or keep cash?
Put down at least enough to avoid PMI if you can do it while keeping an emergency fund and money for repairs. If reaching 20% would drain you, a smaller down payment with reserves is safer; you can cancel PMI later.
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