Down Payment Calculator

Figure out exactly how much cash you need to buy a home. This calculator shows your required down payment, estimated closing costs, total upfront cash needed, and your resulting loan amount. It also tells you whether private mortgage insurance (PMI) will be required based on your down payment percentage.

Home Down Payment Calculator

Down Payment Guide

Your down payment directly affects your loan amount, monthly payment, interest rate, and whether you need PMI. Here's what different down payment levels mean:

Down PaymentPMI Required?Typical Loan ProgramNotes
3%YesConventional (HomeReady/HomePossible)First-time buyer programs
3.5%MIP (FHA)FHA LoanLower credit score OK
5%–9.9%YesConventionalPMI until 20% equity
10%YesConventional / JumboLower PMI rate
20%+NoConventionalBest rates, no PMI
0%Funding feeVA / USDAEligible military / rural

Frequently Asked Questions

What is PMI and how much does it cost?+
Private Mortgage Insurance (PMI) protects the lender if you default when your down payment is below 20%. PMI typically costs 0.5%–1.5% of the loan amount per year, paid monthly. For a $300,000 loan, that's roughly $125–$375/month. PMI can be canceled once you reach 20% equity in your home (either through payments or appreciation). Request cancellation in writing when you hit 20% equity.
What are closing costs?+
Closing costs are fees paid at settlement when you finalize your home purchase. They typically range from 2%–5% of the loan amount and include lender fees (origination, underwriting), third-party fees (appraisal, title insurance, survey), prepaid items (homeowner's insurance, property taxes, prepaid interest), and government fees (recording fees, transfer taxes). Ask your lender for a Loan Estimate to see itemized costs early in the process.

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