What down payment percentage should I aim for?

A down payment of 20% or more typically removes the need for private mortgage insurance (PMI), which can save hundreds of dollars per month. However, many loan programs allow down payments as low as 3%, though PMI will usually be required until the loan-to-value ratio drops below 80%.

How does the down payment affect my monthly mortgage payment?

Increasing your down payment reduces the loan amount borrowed, which lowers the principal and interest portion of your monthly payment. It can also eliminate private mortgage insurance (PMI) if your loan-to-value ratio falls below 80%, reducing your total monthly obligation.

Can I buy a home with a low down payment?

Yes, it is possible to buy with a low down payment. Conventional loans often allow as little as 3% down, and FHA loans permit 3.5% down. VA and USDA loans may require no down payment at all, though additional fees or mortgage insurance may still apply depending on the loan type.

What closing costs should I expect besides the down payment?

Closing costs generally run between 2% and 5% of the home's purchase price and cover fees such as loan origination, appraisal, title insurance, and transfer taxes. These costs are due at closing in addition to your down payment.

Loans & Mortgages4 options compared

Down Payment Calculator

Calculates the amount of upfront cash needed for a home purchase by adjusting key variables related to financing. Users input details such as desired loan amounts, potential down payment percentages, or target affordable home prices into the calculator. The tool provides comprehensive results based on three distinct scenarios, allowing users to model different financial situations before...

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Editors’ Top PickBased on community votes

Financial Toolset

financialtoolset.com

Calculate down payment requirements for home purchase. Compare 3%, 5%, 10%, and 20% down payment options. Free mortga...

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Other OptionsRanked by votes

02
02
Omni Calculator
omnicalculator.com
The down payment calculator helps you calculate your down payment, purchase price, or loan amount!
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03
03
Calculator.net
calculator.net
Free down payment calculator to find the amount of upfront cash needed, down payment percentage, or an affordable hom...
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04
04
NerdWallet Financial Calculators
nerdwallet.com
Calculates how much down payment to save based on home price, savings rate, and timeline.
Open site View details

Side by side

Down Payment Calculator options compared

Tool	Best for	Strengths	Limitations
Financial Toolset financialtoolset.com	Buyers wanting full PMI and LTV details	Compares 3%, 5%, 10%, and 20% down options Shows monthly payment, PMI, and total interest No sign-up required to use	Page contains advertisements Fewer unit customization options
Omni Calculator omnicalculator.com	Quick down payment estimates	Simple interface for purchase price, loan amount, or down payment Instantly adjusts calculations when inputs change Part of a large network of 50+ mortgage calculators	Ads on the page Less detailed breakdown of PMI and closing costs
Calculator.net calculator.net	Calculating affordable home price from cash available	Three distinct calculation modes (cash available, home price, or both) Includes closing costs in estimates No registration needed	Monthly payment estimate requires interest rate and loan term input Fewer down percentage presets compared to FinancialToolset
NerdWallet Financial Calculators nerdwallet.com	Shoppers focused on saving timeline

Buyer's guide

How to choose a down payment calculator

When picking a down payment calculator, the most important factor is whether you need a full monthly payment picture including private mortgage insurance and loan-to-value ratios. If you are comparing different down payment percentages to see how they affect your monthly cost and total interest over the life of the loan, choose a tool that outputs those details automatically. If you already know your target home price and just want to quickly estimate the cash needed at closing, a simpler calculator that focuses on the upfront amount will serve you better.

Questions

Down Payment Calculator FAQ

What down payment percentage should I aim for?: A down payment of 20% or more typically removes the need for private mortgage insurance (PMI), which can save hundreds of dollars per month. However, many loan programs allow down payments as low as 3%, though PMI will usually be required until the loan-to-value ratio drops below 80%.
How does the down payment affect my monthly mortgage payment?: Increasing your down payment reduces the loan amount borrowed, which lowers the principal and interest portion of your monthly payment. It can also eliminate private mortgage insurance (PMI) if your loan-to-value ratio falls below 80%, reducing your total monthly obligation.
Can I buy a home with a low down payment?: Yes, it is possible to buy with a low down payment. Conventional loans often allow as little as 3% down, and FHA loans permit 3.5% down. VA and USDA loans may require no down payment at all, though additional fees or mortgage insurance may still apply depending on the loan type.
What closing costs should I expect besides the down payment?: Closing costs generally run between 2% and 5% of the home's purchase price and cover fees such as loan origination, appraisal, title insurance, and transfer taxes. These costs are due at closing in addition to your down payment.

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