Down Payment Calculator – Home Purchase Down Payment
Calculate down payment amount, PMI details, and monthly savings needed to reach your down payment goal.
🏠 Finance📐 Down Payment = Home Price × Down Payment %
Home price ($)
Down payment %
Current savings ($)
Months to save
Please enter valid values.
Formula & Reference
| Variable | Formula | Units |
|---|---|---|
| Down Payment Calculator – Home Purchase Down Payment | Down Payment = Home Price × Down Payment % | $ |
Step-by-Step Examples
Example 1
$400K, 20% Down, 3yr
$80K down, have $20K.
- Monthly savings: $1,667 | No PMI
✓ $80,000 / $1,667/month
Example 2
3.5% FHA Down
$300K home, 3.5%.
- Down: $10,500 | PMI required | 580+ credit
✓ $10,500 down
Example 3
5% Conventional
$350K, 5%.
- Down: $17,500 | PMI until 20% equity
✓ $17,500 down
Real-World Applications
Home Buyers
Calculate and plan your down payment.
Savers
Build a savings plan for your home.
Planners
Set realistic home buying timelines.
Real Estate
Help buyers understand down payment options.
Common Mistakes to Avoid
⚠️
Spending all savings on down payment
Keep 3-6 months emergency fund post-purchase. New homeowners face unexpected costs.
⚠️
Forgetting closing costs
Add 2-5% for closing costs: $400K home = $8K-20K more than down payment.
Frequently Asked Questions
Minimum down payment? ▾
Conventional: 3-5%. FHA: 3.5%. VA/USDA: 0%. To avoid PMI: 20%.
What is PMI? ▾
Private Mortgage Insurance. Required under 20% down. Typically 0.5-1.5% per year. Cancel at 20% equity.
20% still worth it? ▾
Avoids PMI, lower payment, stronger offer. But waiting for 20% while prices rise can cost more than PMI.