Down Payment Calculator
If the amount of upfront cash available and down payment percentages are known, use the calculator below to calculate an estimate for an affordable home price.
If the home price and down payment percentage are known, use the calculator below to calculate an estimate for the amount needed in cash available for upfront costs.
If the home price and amount of upfront cash available are known, use the calculator below to calculate an estimate for a down payment percentage.
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Understanding Down Payments
Down Payments Explained
Key concepts every home buyer needs to understand before making a purchase
A down payment is the upfront portion of a payment often required to finalize the purchase of an expensive item such as a home or a car. When purchasing a home, any remaining balance after the down payment is amortized as a mortgage loan. The purchase price should equal the total of the mortgage loan plus the down payment.
Down payments are commonly expressed as a percentage of the purchase price. For example, on a $250,000 home, a 3.5% down payment is $8,750, while a 20% down payment is $50,000. The percentage you choose significantly impacts your loan amount, monthly payment, and whether you'll be required to carry Private Mortgage Insurance (PMI).
It's important to remember that a down payment is only one of the upfront costs during a home purchase — though typically the most substantial. Other closing costs can include loan origination fees, appraisal fees, title insurance, inspection fees, survey fees, and prepaid items like homeowner's insurance and property taxes.
A rough estimate for closing costs is typically around 3% of the purchase price. These costs are paid at the time of closing and should be factored into your total upfront cash requirements when budgeting for a home purchase.
| Loan Type | Min. Down Payment | PMI Required | Notes |
|---|---|---|---|
| Conventional | 3% – 20% | Yes, if <20% | Freddie Mac / Fannie Mae guidelines. Best rates at 20%+. |
| FHA Loan | 3.5% | Yes (lifetime) | Requires 1.75% upfront MIP at closing. Good for lower credit scores. |
| VA Loan | 0% | No | For eligible veterans and active military. No down payment required. |
| USDA Loan | 0% | No PMI | For rural and suburban buyers meeting income limits. |
| Jumbo Loan | 10% – 20% | Varies | For loans exceeding conforming limits. Stricter requirements apply. |
Paying a larger down payment (20% or more) typically leads to lower interest rates and eliminates the need for PMI, which can save hundreds of dollars per month. A larger down payment also means a smaller loan balance, reducing the total interest paid over the life of the loan.
However, a smaller down payment preserves liquidity. The funds not used for a large down payment could be invested, used to pay off high-interest debt, fund an emergency reserve, or finance home improvements that increase property value. There is no universally "correct" answer — it depends on your financial situation, risk tolerance, and opportunity costs.
The most common source. Keeping savings in a high-yield account or CDs allows your money to grow while you save toward your target down payment percentage.
Also called an 80-10-10 loan: 80% first mortgage, 10% second loan, 10% cash. Used to avoid PMI or jumbo financing when savings fall short of 20%.
State and local governments, housing authorities, and nonprofits sometimes offer grants or interest-free loans to first-time buyers. Check the HUD website for state-by-state programs.
FHA loans allow the entire down payment to be a gift from a family member or friend, provided a signed gift letter confirming no repayment is required is submitted to the lender.
First-time buyers can withdraw up to $10,000 from an IRA penalty-free for a home purchase. Roth contributions (not earnings) can be withdrawn tax-free at any time.
You may borrow up to $50,000 or half your 401(k) balance (whichever is less). The loan must be repaid with interest, typically within 5 years, with interest going back to you.