Down Payment Calculator
Calculate how much you need for a down payment on a house. See closing costs, PMI requirements, and total cash needed to close.
Down Payment Summary
Down Payment
$80,000
20% of $400,000
Cash Needed
$88,000
Down payment + closing
Home Details
Property type and purchase price
Down Payment
Set your down payment percentage
Loan Terms
Interest rate and loan duration
Cash Needed at Closing
Down payment and closing costs breakdown
$88,000
Total cash needed to close
Down Payment Scenarios
Compare different down payment options
| Down % | Down Payment | Loan Amount | Monthly | PMI |
|---|---|---|---|---|
| 5% | $20,000 | $380,000 | $2,750 | $222 |
| 10% | $40,000 | $360,000 | $2,605 | $210 |
| 15% | $60,000 | $340,000 | $2,460 | $198 |
| 20% | $80,000 | $320,000 | $2,129 | None |
| 25% | $100,000 | $300,000 | $1,996 | None |
Down Payment Summary
Down Payment
$80,000
20% of $400,000
Cash Needed
$88,000
Down payment + closing
Quick Answer
Standard down payment is 20% of home price (60,000 on a 300,000 home) to avoid PMI. Lower down payments (3-5%) are available but require PMI. Our calculator shows savings timeline and payment impact.
Key Facts
- 20% down eliminates PMI requirement
- Minimum 3% down for conventional, 3.5% for FHA
- VA and USDA loans offer 0% down options
- PMI typically costs 0.5-1% of loan annually
- Higher down payment means lower monthly payment
- Consider closing costs (2-5%) in addition to down payment
Adjust Down Payment
See how your down payment affects PMI and monthly costs
Personalized Insights
2 insights based on your inputs
Good News
With 20% down, you avoid PMI—saving hundreds per month compared to lower down payments.
Note
Your estimated monthly payment of $2,129 should be no more than 28% of your gross monthly income for comfortable affordability.
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Frequently Asked Questions
20% is ideal (avoids PMI), but 10-15% is common. FHA allows 3.5%, VA/USDA can be 0%. Consider: lower down payment = higher monthly payment and PMI. Higher down payment = less cash reserves. Balance depends on your emergency fund and other goals.
Private Mortgage Insurance protects the lender if you default. Required when down payment <20%. Costs 0.5-1.5% of loan annually ($100-300/month on $300k loan). Can be removed once you reach 20% equity. FHA MIP is similar but harder to remove.
Closing costs typically run 2-5% of the loan amount. Includes: origination fees (0.5-1%), appraisal ($300-500), title insurance (0.5-1%), attorney fees, recording fees, prepaid taxes/insurance. Some are negotiable or can be seller-paid.
Math depends on mortgage rate vs. investment returns. At 7% mortgage, 20% down saves ~$150/month in PMI plus interest. Market average is ~10%, but with risk. Guaranteed savings (mortgage) vs. potential gains (investing). Most prioritize 20% down first.
Yes, but rules vary by loan type. Conventional: typically need 5% from own funds if putting <20% down. FHA: 100% can be gifted. VA/USDA: gifts allowed. Gift letter required stating no repayment expected. Lender will verify source of funds.
Down Payment Summary
Down Payment
$80,000
20% of $400,000
Cash Needed
$88,000
Down payment + closing