Money
Down Payment Calculator
Pick percent or dollar amount for down payment. Enter home price, closing cost percent, current savings, and monthly contribution. The calculator returns down payment, loan amount, LTV, closing costs, total cash needed, and months to reach the goal.
e.g. 350000
20% avoids PMI on most conventional loans. · e.g. 20
Typically 2 to 5% of home price. · e.g. 3
What you have saved toward this goal. · e.g. 25000
What you can add each month. · e.g. 1000
Total cash needed
$80,500.00
Down $70,000.00 (20%) + closing $10,500.00
Closing costs vary by lender, state, and loan type. 20% down avoids PMI on most conventional loans; lower down payments are common via FHA (3.5%), VA (0%), and many conventional programs (3 to 5%). Cross-check with your lender.
Examples
$350,000 home, 20% down, 3% closing
down $70,000 · closing $10,500 · LTV 80%
$350,000 home, 5% down, 3% closing
down $17,500 · closing $10,500 · LTV 95% (PMI likely)
$500,000 home, 25% down, 2% closing
down $125,000 · closing $10,000 · LTV 75%
How it works
Down payment is either a percent of the home price or a fixed amount. The loan is what is left. Closing costs are a separate percent of home price. Total cash to close = down + closing. The savings plan figures out how long current savings + monthly contribution take to reach the total.
Down payment · price × down %
Loan amount · price − down payment
LTV · loan ÷ price × 100%
Total cash · down + (price × closing %)
Related money calculators
- Home affordability calculator for max home price from income/DTI.
- Mortgage calculator for monthly payment from home price.
- Savings calculator with future-balance, monthly-need, and time-to-goal modes.
- Emergency fund calculator so saving for down payment does not deplete the buffer.
- All money calculators.
Note. Closing costs vary widely by state, lender, and loan type. Some costs (origination, points) are negotiable. The 2 to 5% range is a common rule of thumb; ask lenders for a Loan Estimate to compare actual figures.
Frequently asked questions
It depends on loan type. Conventional loans often require 3 to 5% minimum, FHA requires 3.5%, VA and USDA can require 0%. 20% down avoids private mortgage insurance (PMI) on most conventional loans and reduces monthly payment. Higher down means smaller loan and less interest paid over time.
LTV is the loan amount divided by the home price, expressed as a percent. A $280,000 loan on a $350,000 home is 80% LTV. Lenders use LTV to set rates and PMI requirements: lower LTV (more down) generally means better terms. 80% LTV is the common PMI threshold.
Fees and pre-paid items at closing: lender origination, title, appraisal, recording, attorney, first-year homeowners insurance, escrow deposits for taxes and insurance, transfer taxes, and so on. Typically 2 to 5% of the home price, but it varies by state, lender, and loan type. Some can be negotiated or rolled into the loan.
Sometimes. More down reduces monthly payment, interest paid, and PMI risk. But it ties up cash that could go to retirement, emergencies, or other goals. Many planners suggest 20% as a sweet spot for cash flow vs liquidity. Higher makes sense if you have ample emergency savings and want lower long-term cost.
No, this tool focuses on the cash needed at closing and the resulting loan amount. For the monthly payment estimate, use the mortgage calculator. For the affordability question (what home price can I afford from my income), use the home affordability calculator.
Lower-down-payment loans are common. FHA loans accept 3.5% with a 580+ credit score. Conventional loans can go as low as 3% for first-time buyers. VA loans (0%) and USDA loans (0%) are available for eligible borrowers. PMI on conventional loans typically falls off automatically at 78% LTV.
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