See how much you need for a down payment and closing costs, and how much to save each month.
Saving plan
| Down payment % | Amount | Loan | Monthly P&I |
|---|---|---|---|
| 3.5% | $14,000.00 | $386,000.00 | $2,439.78 |
| 5% | $20,000.00 | $380,000.00 | $2,401.86 |
| 10% | $40,000.00 | $360,000.00 | $2,275.44 |
| 15% | $60,000.00 | $340,000.00 | $2,149.03 |
| 20% | $80,000.00 | $320,000.00 | $2,022.62 |
| 25% | $100,000.00 | $300,000.00 | $1,896.20 |
Saving plan
Please do not make financial decisions based on these results.
What is the Down Payment Calculator?
A down payment calculator shows how much cash you need up front, including closing costs, and how much to save each month to reach that goal by your purchase date.
How much to put down
A down payment is the share of the price you pay in cash. Putting down 20% is a common target because it usually avoids private mortgage insurance, but many buyers use less. Government-backed programs such as the FHA and VA loans allow smaller down payments, with their own fees and insurance.
Cash needed at closing
Your down payment is only part of the cash you need. Closing costs, prepaid taxes and insurance, moving costs and an emergency reserve all come on top. Enter your target price and percentage to see both the down payment and the total cash required, then see how it changes the loan with the mortgage calculator.
Saving toward the goal
If you are still saving, work out how long it will take with the savings calculator, and keep the funds somewhere safe because you will need them on a fixed date.
How to use the Down Payment Calculator
- Enter your numbers. The inputs are Home price ($), Down payment (%), Closing costs (% of price), Interest rate (%), Loan term (years), Time until you buy: years, Already saved ($). Use figures from a lender quote or your tax bill where you have them, and keep the term and rate realistic. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Down payment, and the cards below show Closing costs, Total cash needed, Loan amount. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Down Payment Calculator using the default values shown in the calculator above:
Inputs
| Home price ($) | 400,000 |
|---|---|
| Down payment (%) | 20 |
| Closing costs (% of price) | 3 |
| Interest rate (%) | 6.5 |
| Loan term (years) | 30 |
| Time until you buy: years | 3 |
| Already saved ($) | 15,000 |
| Savings return (% per year) | 4 |
Results
| Down payment | $80,000.00 |
|---|---|
| Closing costs | $12,000.00 |
| Total cash needed | $92,000.00 |
| Loan amount | $320,000.00 |
| Monthly P&I | $2,022.62 |
| PMI (0.6%) | $0 (20%+ down) |
| Monthly saving needed | $1,966.68 |
| Weekly | $453.85 |
| Yearly | $23,600.16 |
With these inputs the calculator returns Down payment: $80,000.00. Change any value in the calculator to see how the result moves.
What the results tell you
The results panel of the Down Payment Calculator reports Down payment, closing costs, total cash needed, loan amount, monthly p&i, pmi (0.6%) and monthly saving needed. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Tips for better results
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. The result is only as accurate as the numbers you enter and the formula shown above. It is for information, not financial, tax or legal advice.
Frequently asked questions
Do I need 20% down?
No, but below 20% you usually pay private mortgage insurance.
How much should I put down?
Twenty percent avoids PMI on most conventional loans, but many buyers put down less. Weigh the PMI cost against keeping cash in reserve.
What is included in a monthly mortgage payment?
Principal and interest, plus property tax, homeowners insurance, PMI if your down payment is under 20%, and HOA fees if they apply.
How much house can I afford?
A common rule is to keep housing costs under about 28% of gross income and total debt under 36%. The House Affordability Calculator applies those limits to your numbers.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
Related mortgage & real estate calculators
- House Affordability Calculator
- Amortization Calculator
- Home Equity Loan Calculator
- Jumbo Loan Calculator
- Biweekly Mortgage Calculator
- Mortgage Acceleration Calculator
- Mortgage Payoff Calculator
- Rent Calculator
- Mortgage Calculator
- Interest-Only Mortgage Calculator
- ARM Mortgage Calculator
- Mortgage Comparison Calculator
All Mortgage & Real Estate calculators →