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Down Payment Calculator

See how your down payment affects monthly costs

Calculator

Calculate Your Down Payment

See how different down payment amounts affect your loan, monthly payment, and whether you'll need PMI.

Home Price ($)

Interest Rate (%)

Current Savings ($)

Monthly Savings ($)

Frequently Asked Questions

How much should I put down?

20%% avoids PMI and gives you the best rates. But many buyers put down 3-10%%. The tradeoff is higher monthly payments (from PMI and a larger loan) vs keeping more cash for other goals.

What is PMI and when can I remove it?

Private Mortgage Insurance protects the lender when you put less than 20%% down. It typically costs 0.5-1%% of the loan per year. By law, your lender must remove PMI when you reach 22%% equity (or at your request at 20%%).

Should I save for 20% or buy sooner with less?

It depends on your market. If home prices are rising faster than you can save, buying sooner with a smaller down payment might make sense. If prices are flat or falling, waiting to hit 20%% saves you PMI and gives you a better loan.