Down Payment Calculator
See how much you need for a down payment, what your loan will be and what your monthly payment looks like.
How the down payment calculator works
Enter the home price and the percent you plan to put down. The calculator shows the dollar amount you need, the loan you would take and the monthly principal and interest payment at your rate and term.
If your down payment is less than 20 percent, lenders usually charge private mortgage insurance (PMI). The calculator estimates PMI at 0.5 percent of the loan per year. Real PMI depends on your credit score and loan type, so treat it as a rough guide.
The formulas
Example: On a $400,000 home with 20% down you pay $80,000.00, borrow $320,000.00 and pay about $2,022.62 a month in principal and interest, with no PMI.
Property tax, home insurance and closing costs are not included.
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Frequently asked questions
How much should I put down on a house?
Many buyers aim for 20 percent to avoid PMI, but many loans allow 3 to 5 percent down. A larger down payment lowers your monthly payment.
What is PMI?
Private mortgage insurance protects the lender when your down payment is under 20 percent. It adds to your monthly cost until you reach about 20 percent equity.
Does a bigger down payment lower my interest rate?
It can, because lenders see less risk. It also reduces the total interest you pay over the loan.
Are closing costs part of the down payment?
No. Closing costs are separate and are often 2 to 5 percent of the loan amount.
Is this an exact quote?
No. It is an estimate. Ask your lender for a loan estimate with your real rate and fees.
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