Down Payment Calculator
Calculate how much you need for a down payment on a house. See closing costs, PMI requirements, and total cash needed to close.
Formula:Down Payment = Price × Percent
Down Payment Summary
Down Payment
$80,000
20% of $400,000
Cash Needed
$88,000
Down payment + closing
Home Price$400,000
Loan Amount$320,000
Closing Costs$8,000
Monthly Payment$2,129
Home Details
Property type and purchase price
$
Down Payment
Set your down payment percentage
%
040
Loan Terms
Interest rate and loan duration
%
Cash Needed at Closing
Down payment and closing costs breakdown
$88,000
Total cash needed to close
Down Payment Scenarios
Compare different down payment options
| Down % | Down Payment | Loan Amount | Monthly | PMI |
|---|---|---|---|---|
| 5% | $20,000 | $380,000 | $2,750 | $222 |
| 10% | $40,000 | $360,000 | $2,605 | $210 |
| 15% | $60,000 | $340,000 | $2,460 | $198 |
| 20% | $80,000 | $320,000 | $2,129 | None |
| 25% | $100,000 | $300,000 | $1,996 | None |
Down Payment Summary
Down Payment
$80,000
20% of $400,000
Cash Needed
$88,000
Down payment + closing
Home Price$400,000
Loan Amount$320,000
Closing Costs$8,000
Monthly Payment$2,129
Adjust Down Payment
See how your down payment affects PMI and monthly costs
3% ($12,000)20% ($80,000)30% ($120,000)
Personalized Insights
2 insights based on your inputs
Good News
With 20% down, you avoid PMI—saving hundreds per month compared to lower down payments.
Note
Your estimated monthly payment of $2,129 should be no more than 28% of your gross monthly income for comfortable affordability.
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Frequently Asked Questions
20% is ideal (avoids PMI), but 10-15% is common. FHA allows 3.5%, VA/USDA can be 0%. Consider: lower down payment = higher monthly payment and PMI. Higher down payment = less cash reserves. Balance depends on your emergency fund and other goals.
Private Mortgage Insurance protects the lender if you default. Required when down payment <20%. Costs 0.5-1.5% of loan annually ($100-300/month on $300k loan). Can be removed once you reach 20% equity. FHA MIP is similar but harder to remove.
Closing costs typically run 2-5% of the loan amount. Includes: origination fees (0.5-1%), appraisal ($300-500), title insurance (0.5-1%), attorney fees, recording fees, prepaid taxes/insurance. Some are negotiable or can be seller-paid.
Math depends on mortgage rate vs. investment returns. At 7% mortgage, 20% down saves ~$150/month in PMI plus interest. Market average is ~10%, but with risk. Guaranteed savings (mortgage) vs. potential gains (investing). Most prioritize 20% down first.
Yes, but rules vary by loan type. Conventional: typically need 5% from own funds if putting <20% down. FHA: 100% can be gifted. VA/USDA: gifts allowed. Gift letter required stating no repayment expected. Lender will verify source of funds.
How this works
Calculations are run entirely in your browser. No inputs are sent to our servers and no account is required. Formulas follow standard US definitions from the IRS and the CFPB where applicable; international users should confirm local tax and regulatory rules apply.
What this tool can’t do
When to consult a professional
This is a software engineering tool, not financial advice. Run the math here, then take the result to a certified financial planner, CPA, or your bank before making a decision that materially affects your money.
Sources
- [1]Consumer Financial Protection Bureau (CFPB)Official sourceconsumerfinance.govAccessed Apr 21, 2026
US consumer finance regulator; authoritative on mortgage disclosures, APR rules, credit cards.
Joseph OrdunaFounder & Software Engineer
Full-stack software engineer specializing in embedded systems, web architecture, and AI/ML. Founder of Practical Web Tools. Built the gesture-controlled drone IP acquired by KD Interactive (Aura Drone, sold on Amazon).
Down Payment Summary
Down Payment
$80,000
20% of $400,000
Cash Needed
$88,000
Down payment + closing
Home Price$400,000
Loan Amount$320,000
Closing Costs$8,000
Monthly Payment$2,129