Down Payment Calculator
Calculate how much you need for a down payment on a home. See total cash needed including closing costs and whether PMI applies.
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Down Payment Amount
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Loan Amount —
Estimated Closing Costs —
Total Cash Needed —
PMI Required —
How to Use This Calculator
- Enter the Home Price.
- Set the Down Payment Percentage — try 3%, 5%, 10%, and 20% to compare.
- Expand More Options and set your Closing Cost percentage (2–5% is typical).
- See the exact Down Payment Amount, Loan Amount, and Total Cash Needed.
Formula
Down Payment Amount = Home Price × Down Payment %
Loan Amount = Home Price − Down Payment
Closing Costs = Loan Amount × Closing Cost %
Total Cash Needed = Down Payment + Closing Costs
Example
Example: $400,000 home, 20% down, 3% closing costs.
- Down Payment: $400,000 × 20% = $80,000
- Loan Amount: $320,000
- Closing Costs: $320,000 × 3% = $9,600
- Total Cash Needed: $89,600
- PMI Required: No
Frequently Asked Questions
- Conventional loans require as little as 3–5% down. FHA loans require 3.5% with a 580+ credit score. VA and USDA loans offer 0% down for eligible buyers. However, 20% down avoids PMI and reduces your loan amount significantly.
- Closing costs cover loan origination fees, appraisal, title insurance, attorney fees, and other transaction costs. They typically range from 2–5% of the loan amount. On a $320,000 loan, expect $6,400–$16,000 in closing costs.
- You will need to pay Private Mortgage Insurance (PMI), which typically costs 0.5–1% of the loan annually. On a $300,000 loan, PMI adds $125–$250/month. PMI can be removed once you reach 20% equity.
- Yes, for most loan types. FHA and conventional loans allow gifted down payments from family members, though you may need a gift letter stating the money is not a loan. VA loans also allow gifts.
- Conventional (Fannie/Freddie): 3–5%, FHA loan: 3.5% (580+ score) or 10% (500-579), VA loan: 0% (eligible veterans), USDA loan: 0% (rural areas), Jumbo loan: typically 10–20%.