Down Payment Calculator
Plan your down payment, monthly payment and savings
Down Payment Calculator: See How Much to Put Down on a Home
Our free down payment calculator shows what a down payment means for your loan. Enter the home price and the percentage you plan to put down, along with the interest rate and loan term. You get the down payment amount, the loan amount, the monthly payment including mortgage insurance, and the total cost of the loan. A second tab works backward and tells you how much to save each month to reach your goal.
Quick answer: on a $400,000 home with 20% down, the down payment is $80,000 and the loan is $320,000. At 6.5% over 30 years the payment is $2,022.62 a month, and you pay about $408,142 in interest over the life of the loan. Put down 10% instead and the payment rises to $2,275.44, plus about $150.00 in PMI.
What Is a Down Payment?
A down payment is the part of the purchase price you pay upfront from your own money. The lender finances the rest, which is the loan amount. A larger down payment means you borrow less, pay less interest and often get a better rate. It also builds equity in the home from the first day.
How Much Should You Put Down?
Twenty percent is the usual target because it avoids private mortgage insurance and gives lenders more confidence. It is not a requirement. Some programs accept 3% to 3.5% down, and certain government-backed loans may need none. The right amount balances a lower monthly payment against keeping cash for closing costs, repairs and emergencies. This table compares different down payments on a $400,000 home at 6.5% over 30 years, with PMI at 0.5% a year.
| Down payment | Amount down | Loan amount | Principal & interest | Monthly PMI | Total monthly |
|---|---|---|---|---|---|
| 5% | $20,000 | $380,000 | $2,401.86 | $158.33 | $2,560.19 |
| 10% | $40,000 | $360,000 | $2,275.44 | $150.00 | $2,425.44 |
| 20% | $80,000 | $320,000 | $2,022.62 | None | $2,022.62 |
| 25% | $100,000 | $300,000 | $1,896.20 | None | $1,896.20 |
Down Payment and PMI
When you put down less than 20%, lenders usually add private mortgage insurance. It protects the lender, not you, and is added to your monthly payment until your balance falls to 80% of the home price. The calculator estimates PMI from a yearly rate you can change, then shows the payment with and without it. Compare your options with the mortgage calculator, and see how your balance falls over time with the amortization calculator.
Saving for Your Down Payment
On the Savings Plan tab, enter the home price, your target percentage, what you have saved and how long you have. To reach $80,000 in 5 years from $10,000 at 3%, you would save about $1,057.81 a month. If the amount feels too high, extend the timeline or lower the target. The savings calculator can help you plan a longer goal, and the interest calculator shows how your savings grow.
Other Costs to Plan For
The down payment is only part of the cash you need. Closing costs, inspections, moving and furnishing all add up, and your monthly housing cost will also include property tax and homeowners insurance. If you already own and want a lower rate later, the refinance calculator shows whether it pays off. For a different kind of borrowing, try the loan calculator.
Who Uses a Down Payment Calculator?
First-time buyers deciding how much to save, families comparing a smaller down payment with a lower monthly cost, buyers planning to avoid PMI, and agents or lenders giving quick estimates. Results are estimates for general information, not financial advice, and your lender's figures will depend on your credit, loan type and location.
How to Use This Down Payment Calculator
Enter the home price
Type the purchase price of the home you want to buy.
Set your down payment
Choose a percentage. The dollar amount shows below the slider.
Add the interest rate and term
Use the rate and loan length from your lender or a current quote.
Check the PMI rate
If you put down less than 20%, adjust the yearly PMI rate to match your quote.
Click "Calculate Down Payment"
See the loan amount, monthly payment, total cost and a chart.
Try the Savings Plan tab
Find how much to save each month to reach your down payment goal.