Down Payment Calculator
Calculate the total upfront cash required to buy a house, including your down payment and closing costs. Compare 3.5%, 5%, 10%, and 20% down payment tiers and see how equity affects monthly PMI.
Home Price & Down Payment
Upfront Cash Required
Lending Estimate Notice: Monthly payments, taxes, PMI, and affordability limits are estimates based on standard underwriting conventions. Actual mortgage rates, closing fees, and approval terms vary by lender and borrower credit qualifications.
Down Payment Scenario Comparison
Compare upfront savings required versus resulting monthly payments across common loan programs.
How Down Payments & Upfront Cash Requirements Work
A down payment represents the initial cash contribution you pay toward the purchase price of a home. The remaining balance is financed through a residential mortgage lender.
In addition to the down payment, home buyers must prepare for out-of-pocket closing costs (2% to 5% of purchase price), which cover loan origination, property appraisal, title search, escrow fees, and prepaid homeowners insurance and property taxes.
Minimum Down Payment Requirements by Loan Program
| Mortgage Program | Minimum Down Payment | PMI / Mortgage Insurance Rule |
|---|---|---|
| Conventional (First-Time Buyer) | 3.0% | Private Mortgage Insurance (PMI) removable at 20% equity |
| Conventional (Standard) | 5.0% | PMI required until reaching 80% Loan-to-Value (LTV) |
| FHA Loan | 3.5% (580+ credit) / 10% (500–579) | Mortgage Insurance Premium (MIP) required for life of loan if <10% down |
| VA Loan (Military) | 0% ($0 down) | No monthly PMI (one-time VA funding fee applies) |
| USDA Loan (Rural Housing) | 0% ($0 down) | Annual USDA guarantee fee (0.35%) |
The 20% Down Payment Tradeoff
While putting 20% down avoids PMI premiums ($100–$300/mo) and secures slightly lower interest rates, saving $80,000–$100,000 in cash can delay homeownership by years. During that waiting period, home price appreciation and rental rate increases may surpass the cumulative cost of paying temporary PMI.
Frequently Asked Questions
Conventional conforming loans require as little as 3% to 5% down for eligible first-time and repeat home buyers. FHA loans require 3.5% down with a 580+ credit score. VA and USDA mortgages require 0% down for qualifying military service members and rural property buyers.