Down Payment Calculator
Plan and save for your home down payment
Planning to buy a home? Calculate how much you need to save for a down payment, estimate closing costs, and build a monthly savings plan to reach your goal. See how different down payment percentages affect your mortgage payment and whether you will need PMI.
Quick example: On a $400,000 home, a 20% down payment is $80,000. With estimated closing costs of $12,000 (3%), you need $92,000 total. Saving $1,533/month, you can reach that goal in 5 years. A 10% down payment ($40,000) lowers the barrier but adds PMI of roughly $167/month.
| Down % | Down Payment | Loan Amount | PMI? |
|---|---|---|---|
| 3% | $10,500 | $339,500 | Yes |
| 5% | $17,500 | $332,500 | Yes |
| 10% | $35,000 | $315,000 | Yes |
| 15% | $52,500 | $297,500 | Yes |
| 20% | $70,000 | $280,000 | No |
| 25% | $87,500 | $262,500 | No |
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Down Payment Calculator for Homebuyers
How to Use This Calculator
- Enter the home price — Use the median home price in your target area. The national median in 2026 is approximately $420,000.
- Choose your down payment percentage — Common options are 3%, 5%, 10%, or 20%. A 20% down payment eliminates private mortgage insurance (PMI).
- Review closing costs — Typically 2–5% of the home price. The calculator estimates 3% by default.
- Set your savings timeline — Enter how many months or years you plan to save to see the required monthly savings amount.
The Formula Explained
Down Payment = Home Price × Down Payment Percentage
Closing Costs = Home Price × Closing Cost Rate (typically 2–5%)
Total Savings Needed = Down Payment + Closing Costs
Monthly Savings Required = Total Savings Needed ÷ Number of Months
Example: $350,000 home, 20% down, 3% closing costs, 4-year timeline: Down payment = $70,000. Closing costs = $10,500. Total = $80,500. Monthly savings = $80,500 ÷ 48 = $1,677/month.
Common Scenarios
| Home Price | Down Payment % | Down Payment | Closing Costs (3%) | Total Needed | Monthly Savings (5 yr) |
|---|---|---|---|---|---|
| $250,000 | 3% | $7,500 | $7,500 | $15,000 | $250 |
| $250,000 | 20% | $50,000 | $7,500 | $57,500 | $958 |
| $400,000 | 5% | $20,000 | $12,000 | $32,000 | $533 |
| $400,000 | 20% | $80,000 | $12,000 | $92,000 | $1,533 |
| $600,000 | 10% | $60,000 | $18,000 | $78,000 | $1,300 |
| $600,000 | 20% | $120,000 | $18,000 | $138,000 | $2,300 |
Important Considerations
- PMI costs add up. If you put down less than 20%, lenders require private mortgage insurance. PMI typically costs 0.5–1% of the loan amount per year ($100–$333/month on a $400,000 loan). You can request PMI removal once you reach 20% equity.
- FHA loans allow 3.5% down. Federal Housing Administration loans are popular for first-time buyers. The trade-off is an upfront mortgage insurance premium (1.75% of loan) plus annual premiums for the life of the loan.
- VA and USDA loans offer 0% down. If you qualify as a veteran or buy in a rural area, you may be able to skip the down payment entirely.
- Closing costs are non-negotiable. Even with seller concessions, you will have appraisal fees, title insurance, attorney fees, and prepaid items (taxes, insurance). Budget at least 2–3% of the purchase price.
- Keep an emergency fund separate. Do not drain your entire savings for the down payment. Maintain 3–6 months of expenses as a reserve after closing.
- Consider high-yield savings accounts. Earn 4–5% APY on your down payment savings in 2026 while keeping the funds liquid and FDIC insured.
Sources
- Median home prices: National Association of Realtors (NAR) 2026 data
- PMI rates: Urban Institute Housing Finance Policy Center
- Closing cost averages: ClosingCorp National Closing Cost Report
- FHA/VA loan requirements: U.S. Department of Housing and Urban Development (HUD)
Related Calculators
- Mortgage Calculator — Calculate monthly mortgage payments
- Affordability Calculator — Find out how much house you can afford
- Rent vs Buy Calculator — Compare the cost of renting vs buying
- Compound Interest Calculator — Grow your down payment savings
자주 묻는 질문
The traditional recommendation is 20% to avoid Private Mortgage Insurance (PMI), but many buyers put down less. FHA loans require as little as 3.5% down, conventional loans start at 3% for first-time buyers, and VA loans offer 0% down for eligible veterans. The right amount depends on your savings, monthly budget, and how quickly you want to build equity.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI typically costs 0.5% to 1% of your loan amount per year, added to your monthly payment. On a $280,000 loan (10% down on a $350,000 home), PMI would cost approximately $117-$233 per month. PMI can be removed once you reach 20% equity.
Closing costs are fees charged at the time of purchase, including appraisal fees ($300-$600), title insurance ($500-$3,500), loan origination fees (0.5-1% of loan), attorney fees, recording fees, and prepaid taxes and insurance. Total closing costs typically range from 2% to 5% of the home price. On a $350,000 home, budget $7,000 to $17,500 for closing costs in addition to your down payment.
Yes, most loan programs allow gift funds for down payments. Conventional loans require a gift letter stating the money is a gift, not a loan. FHA loans allow 100% of the down payment to come from gift funds. The donor is typically required to be a family member, and you will need to document the gift with bank statements and a signed gift letter.
It depends on the home price, your target down payment percentage, and how much you can save monthly. For example, saving $70,000 (20% of $350,000) at $1,500/month takes about 47 months (nearly 4 years). At $2,000/month, it takes 35 months. Use a high-yield savings account earning 4-5% APY to accelerate your timeline.
Putting 20% down avoids PMI (saving $100-$250/month), gets you better interest rates, and results in lower monthly payments. However, 10% down lets you buy sooner and keep more cash as an emergency fund. If the alternative is waiting 3+ years to save the extra 10%, buying sooner at 10% down often makes sense in appreciating markets.
Many programs help first-time buyers: FHA loans (3.5% down, 580+ credit score), Fannie Mae HomeReady (3% down, income limits apply), Freddie Mac Home Possible (3% down), VA loans (0% down for veterans), USDA loans (0% down in rural areas), and state/local down payment assistance programs that offer grants or forgivable loans. Check your state housing finance agency for local programs.
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