Down Payment Calculator
Find out how much cash you need to put down and what your monthly payment will be.
When to use this calculator
Use this calculator when you are saving for a home. It shows how much cash a percentage down payment means, what is left to borrow and how the monthly payment changes. It also shows what 20% would be, since putting less down often means paying mortgage insurance.
Example down payments
How this calculator works
The down payment is the home price times your percentage, and the loan is the rest. Monthly principal and interest use the standard mortgage formula. If you put down less than 20 percent, lenders usually charge mortgage insurance, which we estimate at 0.5 percent of the loan per year. Real insurance cost depends on credit score and loan type. Property tax and homeowners insurance are not included.
Step-by-step example
Using these inputs: Home price ($): 350000; Down payment (%): 10; Mortgage rate (%): 6.5; Loan term: 30 years.
On a $350,000 home with 10% down ($35,000), the loan is $315,000. Principal and interest are about $1,991 a month, with an estimated $131 for mortgage insurance. Reaching 20% would take $70,000.
Tips for a better estimate
- Check loan programs. Some accept as little as 3% to 3.5% down, but they usually add insurance.
- Do not drain your emergency fund for a bigger down payment. Closing costs and moving costs also need cash.
- Compare a few percentages. Sometimes a slightly larger down payment removes a monthly insurance cost.
FAQ
Do I need 20 percent down?
No. Many loans accept 3 to 5 percent down, but you may pay mortgage insurance.
What else do I need cash for?
Closing costs, moving and repairs are extra, often 2 to 5 percent of the price.
Do bigger down payments lower my rate?
Often they help, since the lender takes less risk.
Do I need 20% down?
No. Many buyers put down much less. The trade-off is a larger loan and often mortgage insurance.
What is mortgage insurance?
It protects the lender if you stop paying. It can be called PMI on conventional loans. The amount here is an estimate, so ask your lender for exact numbers.
What other cash do I need besides the down payment?
Closing costs, moving costs, an inspection and some reserves. Closing costs are often a few percent of the loan.
Rates and limits last updated: October 2026. This is an estimate for general information only, not financial, tax or legal advice.
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