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- A down payment is the cash you pay up front toward a home. The rest is borrowed.
- Putting 20% down avoids private mortgage insurance on most conventional loans, but many buyers put down less.
- Closing costs are extra, often around 2% to 5% of the price.
- This calculator finds the cash you need, or how long it will take to save it.
How to use the down payment calculator
Choose what to find
Pick how much I need, or how long to save.
Enter the price and percentage
Type the home price and the down payment percentage you plan to put down.
Add your savings details
For the savings timeline, enter what you have saved, how much you add each month and the yearly return.
Review closing costs
Open the advanced options to change the closing cost estimate.
Once you know your down payment, test the monthly payment with the Mortgage Calculator, or find your price range with the Home Affordability Calculator.
How the down payment is calculated
The down payment is a percentage of the home price, and the loan is the rest. Closing costs are added as a percentage of the price. For the savings timeline, the calculator adds your monthly deposit and the monthly return month by month until your savings reach the total cash goal.
Down payment formulas
Down payment = price × down payment %
Loan amount = price − down payment
Closing costs = price × closing cost %
Total cash needed = down payment + closing costs
Each month of saving: balance = balance × (1 + yearly return ÷ 12) + monthly deposit
The loan-to-value ratio is the loan divided by the price. A lower ratio usually means better loan terms.
Down payment examples
Example 1: 20% down
A $400,000 home with a 20% down payment and 3% closing costs.
The loan-to-value ratio is 80%, which avoids private mortgage insurance on most conventional loans.
Example 2: 5% down
The same home with a 5% down payment.
You need $60,000 less cash, but the larger loan costs more each month and usually adds mortgage insurance.
Example 3: how long to save
You need the $92,000 from Example 1, have $15,000 saved, add $1,500 a month and earn 4% a year.
Savings earn about $8,225 along the way, so the deposits you make yourself total $70,500 over the 47 months.
Down payment by percentage and by savings pace
Down payment on a $400,000 home
Cash needed for the down payment alone, before closing costs.
Each extra 1% of down payment on this price is $4,000.
Time to reach a $92,000 goal
Starting with $15,000 saved and earning 4% a year.
Doubling the monthly amount from $1,500 to $3,000 cuts the wait by nearly two years.
Where a down payment calculator helps
Setting a savings goal
Know the exact amount to save before you start house hunting.
Comparing down payment levels
See the cash difference between 5%, 10% and 20% on the same home.
Planning your timeline
Find out how long it takes to save at your monthly pace.
Budgeting for closing day
Add closing costs so the total cash figure is realistic.
Many buyers put down less than 20%. Conventional loans can allow low down payments with mortgage insurance, FHA loans generally allow 3.5% down, and eligible veterans can use VA loans with no down payment. Each program has its own rules and costs. This calculator gives an estimate and is not financial advice.
Down payment calculator FAQ
How much should I put down on a house?
There is no single right answer. 20% avoids private mortgage insurance on most conventional loans, but many buyers put down 3.5% to 10% and keep more cash in reserve. It depends on your savings, the loan type and the monthly payment you can handle.
What are closing costs?
They are fees paid at closing, such as lender fees, title insurance, appraisal and prepaid taxes. They are often around 2% to 5% of the price. Your lender gives an estimate in the loan estimate.
What happens if I put down less than 20%?
On a conventional loan you usually pay private mortgage insurance until you build about 20% equity. FHA loans have their own mortgage insurance. Your monthly payment is also higher because the loan is larger.
Can I get help with a down payment?
Many states and cities have assistance programs, and family gifts are often allowed with documentation. Ask a lender or a housing counselor about programs in your area.
Does the savings timeline include interest?
Yes. It adds the yearly return you enter, compounded monthly, to your savings. Set the return to 0 if you keep the money in cash.
Should I use all my savings on the down payment?
Not usually. Keep an emergency fund and money for moving, repairs and closing costs after the down payment, so one surprise does not become a crisis.