Down Payment Calculator
See your down payment in dollars, the loan amount left to finance, your monthly principal & interest, and whether you'll owe PMI for putting less than 20% down.
How to Use
- Enter the home price you're targeting.
- Set the down payment percentage — try 20% to avoid PMI, or less to see the trade-off.
- Enter the mortgage rate (APR) and loan term in years.
- Read your down payment in dollars, the loan amount, and the monthly payment.
- Check whether PMI applies and what it adds each month below 20% down.
Show Work
Notes
About the Down Payment Calculator
The Down Payment Calculator is a free tool for personal-finance and money decisions. It runs right in your web browser, so there is nothing to download. See your down payment in dollars, the loan amount left to finance, your monthly principal & interest, and whether you'll owe PMI for putting less than 20% down.
How it works
Type your numbers into the boxes. The answer shows up right away — you do not have to press a button. If you change a number, the answer changes too. So you can try different numbers and watch what happens, or check an answer you worked out yourself. Just make sure each box has the right kind of number in it.
Want the deeper story? The Knowledge Base explains the ideas behind the tools in more detail.
Frequently Asked Questions
How much should I put down on a house?
20% is the classic target because it avoids private mortgage insurance (PMI) and lowers your monthly payment. But many buyers put down less — conventional loans allow as little as 3-5% and FHA loans 3.5%. A smaller down payment gets you in sooner but costs more in interest and PMI.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender if you default, and conventional loans require it whenever your down payment is under 20%. It typically runs about 0.5%-1.5% of the loan per year, added to your monthly payment, and can usually be removed once you reach 20% equity. This tool estimates it at about 0.75%/year.
Does a bigger down payment lower my monthly payment?
Yes, two ways: you borrow less, and once you hit 20% you drop PMI. Both shrink the monthly bill. The trade-off is tying up more cash up front and having a smaller emergency cushion after closing.
Is the down payment all the cash I need?
No — budget for closing costs too, usually another 2-5% of the price (lender fees, title, escrow, prepaids). The down payment plus closing costs is your real cash-to-close. This calculator shows the down payment and loan side; see the Real Estate and Mortgage calculators for the rest.
Is this an estimate?
Yes. The monthly figure is principal and interest plus estimated PMI; it doesn\'t include property taxes, homeowners insurance, or HOA dues, which your lender escrows on top. Use it to compare down-payment scenarios, not as a loan quote.
How do I use the Down Payment Calculator?
Simply type your numbers and read the result, which refreshes the instant you change something. There is nothing to submit and nothing to wait for.
Is it free? Does it work without internet?
Yes to both. It is free with no sign-up, and once the page has loaded it keeps working even with no internet.
Where does my data go?
Nowhere — every calculation runs on your own device. Nothing you enter is uploaded, logged, or stored.
Common Use Cases
Comparing down-payment sizes
See exactly how 5%, 10%, and 20% change your loan, payment, and PMI side by side.
Deciding when to buy
Work out the cash you need to hit 20% and skip PMI, or what a smaller down payment costs monthly.
Setting a savings goal
Turn a target home price into the exact dollar down payment to save toward.
Checking PMI impact
Quantify what putting less than 20% down adds to your monthly payment.
Budgeting a purchase
Pair the down payment with closing costs to plan your total cash-to-close.
Last updated: