House Down Payment Calculator
Estimate your down payment, cash needed at closing, loan amount, and monthly housing cost in seconds.
What this down payment calculator helps you figure out
Buying a home involves more than just finding the right property. You also need a realistic plan for your upfront cash and your monthly payment. This calculator is designed to give you a quick, practical estimate of the biggest numbers:
- Down payment amount based on your target percentage.
- Loan amount after subtracting your down payment.
- Total cash needed at closing, including estimated closing costs.
- Estimated monthly housing payment with principal, interest, taxes, insurance, HOA, and PMI when applicable.
- Savings gap and time-to-goal based on what you already have saved and what you can save each month.
How much should you put down on a house?
There is no single perfect answer. The “right” down payment depends on your income, savings, risk tolerance, and local market conditions. Here are common benchmarks:
3% to 5% down
Common for first-time buyers and many conventional or government-backed programs. This can help you buy sooner, but your monthly payment is typically higher and PMI is often required.
10% down
A middle-ground option. You borrow less than with very low down payment programs and may improve your loan terms, but PMI may still apply.
20% down
Often considered a traditional target because it usually avoids PMI on conventional loans and reduces monthly cost. That said, waiting to reach 20% is not always the best choice if home prices are rising quickly in your market.
Why closing costs matter
Many buyers focus only on the down payment and forget closing costs. Depending on your location, loan type, and lender fees, closing costs may run roughly 2% to 5% of the purchase price. If you only save for the down payment, you may still be short at the finish line.
Use the calculator’s closing-cost field to build a more realistic target. If your lender expects seller credits or concessions, you can adjust your estimate downward later.
Understanding PMI and loan-to-value (LTV)
LTV stands for loan-to-value ratio. If you buy a $400,000 home and borrow $360,000, your LTV is 90%. Lower LTV usually means lower lender risk.
- Higher down payment = lower LTV
- Lower LTV may improve loan pricing
- PMI often applies when LTV is above 80% on conventional loans
PMI is not always permanent. Depending on your loan and equity growth, it can often be removed later.
Simple strategy to save your down payment faster
1) Set a purchase range, not one exact number
Pick a home price range you can actually support monthly. Then calculate down payment targets for the low, middle, and high end of that range.
2) Automate monthly transfers
Treat down payment savings like a fixed bill. Automatic transfers to a dedicated high-yield savings account reduce decision fatigue and improve consistency.
3) Cut high-impact expenses temporarily
A short-term “savings sprint” can accelerate your timeline. Focus on 2 or 3 large expenses rather than dozens of tiny cuts.
4) Recalculate every 1-2 months
Interest rates, local taxes, insurance quotes, and your savings progress can change quickly. Re-running your numbers helps you stay realistic and confident.
Frequently asked questions
Can I buy with less than 20% down?
Yes. Many buyers do. Just be sure your full monthly payment remains affordable and stable.
Should I empty my savings for a bigger down payment?
Usually no. Keep an emergency fund for home repairs, job transitions, and unexpected costs after move-in.
Does a bigger down payment always win?
Not always. A larger down payment lowers monthly cost, but tying up too much cash can reduce flexibility. Balance payment comfort with liquidity.
Is this calculator a lender quote?
No. It is an educational estimate. For exact numbers, request a loan estimate from a qualified lender.
Tip: Use this tool early in your planning process, then compare results with your lender pre-approval to create a confident, realistic home-buying budget.