Down Payment Calculator
Work out exactly what you need to put down and bring to closing. Solve three ways: from a purchase price, from the cash you have on hand, or for the down payment percentage. Add closing costs, an interest rate and a loan term to see your loan amount, total cash needed and estimated monthly payment, with a PMI flag when you put under 20% down.
Formula
Worked example
A $300,000 home at 20% down with 3% closing costs: down payment $60,000, closing costs $9,000, total cash to close $69,000, loan amount $240,000, and about $1,517 per month in principal and interest at 6.5% over 30 years.
How the Calculator Works
Enter a purchase price and a down payment percentage, and the calculator multiplies the two to return the dollar amount due at closing. It then subtracts that figure from the purchase price to show the resulting loan principal. Both outputs update instantly when you change either input, and the currency selector reformats all values without altering the underlying math.
How to Use It
Type the full purchase price of the property or asset you are buying. Enter the down payment percentage you plan to offer, conventional home loans commonly use 5%, 10%, or 20%, but the field accepts any value. Select your currency if you are working outside the default. Read the down payment amount and loan amount directly from the results panel, no further steps are needed.
What Affects These Numbers
The only two inputs are purchase price and down payment percentage, so the results change proportionally with either figure. A higher purchase price increases both the down payment amount and the loan balance at any fixed percentage. A higher percentage reduces the loan amount and, in mortgage contexts, can eliminate the requirement for private mortgage insurance (PMI) when it reaches 20% on a conventional loan. Lender minimums, loan program rules, and local regulations determine what percentages are actually available to you, this calculator does not apply those constraints automatically.
Limitations and Important Notes
This tool provides a general estimate for informational purposes only and is not financial, legal, or mortgage advice. It does not account for closing costs, lender fees, points, or required reserves, which can add 2-5% to the total cash you need at settlement. Loan program rules, such as FHA minimum down payments or VA loan eligibility, vary by borrower, property type, and lender. Always verify your specific requirements with a licensed mortgage professional before making financial commitments.
Three ways to solve and what closing costs add
This calculator works in three directions. If you know the purchase price, it returns your down payment, closing costs, total cash to close, loan amount and an estimated monthly payment. If you instead know how much cash you have on hand, it solves for the most expensive home you could buy at your chosen down payment percentage, splitting that cash between the deposit and closing costs. If you know both the price and your cash, it solves for the down payment percentage you would actually be putting down. Closing costs, lender fees, title, taxes and prepaids, typically run 2 to 5% of the price and are real cash you must bring on top of the deposit, so the "total cash to close" figure is usually the number that matters most for budgeting. Turn the toggle off to see the down payment in isolation.
PMI, the loan amount and the monthly payment
Putting less than 20% down on a conventional loan usually triggers private mortgage insurance (PMI), a monthly premium that protects the lender and stays until you reach roughly 20% equity. The calculator flags this whenever your down payment percentage falls below 20%. The loan amount is simply the price minus your down payment, and feeding an interest rate and loan term in lets the tool estimate the monthly principal and interest using the standard amortization formula. That estimate excludes property taxes, homeowners insurance, HOA dues and PMI itself, so your real monthly housing cost will be higher. Use the loan amount here as the starting point for a full mortgage calculation.
Down payment by loan type (US)
| Loan type | Minimum down | Notes |
|---|---|---|
| Conventional | 3-5% | PMI required under 20% down |
| FHA | 3.5% | Credit score 580+; mortgage insurance applies |
| VA | 0% | Eligible veterans and service members |
| USDA | 0% | Eligible rural areas and income limits |
| Jumbo | 10-20%+ | Above conforming loan limits |
Typical minimums; lender overlays, credit and property type can raise them.
Frequently asked questions
Does a larger down payment always lower my monthly payment?
Yes, a larger down payment reduces the loan principal, which directly lowers the amount you finance. Because interest is charged on the outstanding balance, a smaller principal produces smaller monthly payments at any given interest rate and term. It may also eliminate PMI on conventional loans once your down payment reaches 20%, reducing your monthly cost further.
What is the minimum down payment for a conventional mortgage in the United States?
Most conventional loans backed by Fannie Mae or Freddie Mac allow down payments as low as 3% for qualifying first-time buyers and 5% for other borrowers. FHA loans require a minimum of 3.5% for borrowers with a credit score of 580 or higher. VA and USDA loans may require no down payment at all for eligible borrowers, though lender overlays can impose higher minimums.
Does this calculator apply to purchases other than real estate?
Yes. The same percentage-based math applies to any financed purchase, vehicles, equipment, or other high-value assets. Enter the purchase price and the required or desired down payment percentage, and the calculator returns the corresponding amounts regardless of asset type. Specific financing terms, residual values, and program requirements still depend on the lender and asset category.
How much cash do I really need at closing?
Plan for your down payment plus closing costs. Closing costs (lender fees, title, appraisal, taxes and prepaid items) usually run 2 to 5% of the purchase price, so on a $300,000 home a 20% down payment of $60,000 plus 3% closing costs of $9,000 means about $69,000 in total cash to close. This calculator adds the two together as "total cash to close" so you can budget the full amount, not just the deposit.
How does my down payment change my monthly payment?
A larger down payment lowers the loan amount, so it reduces your monthly principal and interest at any given rate and term, and reaching 20% down typically removes private mortgage insurance (PMI). Enter an interest rate and loan term here and the calculator estimates the monthly principal and interest on the resulting loan. Remember that figure excludes property taxes, homeowners insurance, HOA dues and PMI, so your actual monthly housing payment will be higher.