How to use the down payment calculator
- Enter the Home price. Then tap a quick percent, or type a Down payment (%) or a Down payment amount. The other field updates.
- Enter the Interest rate (%), the Loan term and the PMI rate, which only counts when you put down less than 20%.
- Under closing costs and savings, enter Closing costs (% of price), Savings you have now and You can save each month.
- Read the cash needed, the time to save it, your monthly payment and the PMI note. The table compares other down payments.
How the numbers are calculated
Loan = price - price x down %
Payment = L x r x (1 + r)^n / ((1 + r)^n - 1)
PMI per month = loan x PMI rate / 12 (under 20% down)
Cash needed = down payment + price x closing %
Months to save = (cash needed - savings) / monthly savings, rounded up
Here r is the yearly rate divided by 12 and n is the years times 12. PMI can be cancelled on request when the balance reaches 80% of the original value and ends automatically at 78%, under the rules summarized by the CFPB.
Worked example with the default numbers
A $450,000 home with 20% down means $90,000 down and a $360,000 loan at 7% for 30 years. Principal and interest is $2,395.09 a month, total interest is $502,232 and the 360 payments add up to $862,232. Closing costs of 3% are $13,500, so you need $103,500 in cash. With $30,000 saved and $1,500 a month going in, you are $73,500 short, which takes 49 months. At 20% down there is no PMI.
Limits and edge cases
- The payment is principal, interest and PMI only. Property tax, homeowners insurance and HOA dues come on top, so run the full budget in the mortgage calculator and check your ratio with the debt-to-income calculator.
- Conventional loans can need as little as 3% down through Fannie Mae HomeReady and Freddie Mac Home Possible. FHA needs at least 3.5% and charges a 1.75% upfront premium plus 0.50% to 0.55% a year on loans longer than 15 years. That annual premium lasts the loan term if you put down less than 10%, and 11 years otherwise.
- VA loans allow no down payment for eligible borrowers, and loans above the 2026 conforming limit of $832,750 are jumbo loans with stricter rules.
- The timeline counts no interest on your savings. To add a savings rate, use the savings goal calculator, or weigh buying against renting with the rent vs buy calculator.
- The default rate of 7% is an example, not a quote. Freddie Mac’s weekly survey publishes the current 30-year fixed average, and your own rate depends on credit and loan type.
Down payment questions people ask
How much should I put down on a house?
Putting 20% down avoids PMI on a conventional loan, but it is not required. The National Association of Realtors found a median down payment of 10% for first-time buyers and 23% for repeat buyers in 2025.
Can I buy a house with 3% or 3.5% down?
Yes. Conventional programs such as HomeReady and Home Possible allow 3% down, and FHA loans allow 3.5%. Both add mortgage insurance, so the monthly cost is higher than with 20% down.
How much is PMI and when does it go away?
Freddie Mac puts PMI at about $30 to $70 a month for every $100,000 borrowed. You can ask to cancel at 80% of the original home value, and it ends automatically at 78%.
How much cash do I need besides the down payment?
Plan for closing costs of 2% to 5% of the home price, according to Freddie Mac. This calculator uses 3% by default and adds it to your down payment to show the total cash needed.
Sources: Freddie Mac, PMI costs, closing costs and mortgage rates survey. HUD, Mortgagee Letter 2023-05 and FHA minimum down payment. FHFA 2026 loan limits. VA home loans. NAR Profile of Home Buyers and Sellers.
Results are estimates for planning only. Your lender's loan estimate will show your actual costs.