Down Payment Calculator
Calculate your Down payment goal in seconds with the free Down Payment Calculator. No registration needed.
Purchase
Result
What is a Down Payment Calculator?
A Down Payment Calculator tells you how much money you need to put down on a home purchase based on the price and your target down payment percentage. It also shows the resulting loan amount and whether you will need PMI.
How to calculate a down payment manually (the formula)
The formula is: Down Payment = Home Price × (Down Payment % / 100). The loan amount is the home price minus the down payment. A down payment of 20% or more typically eliminates PMI.
Example calculation
A $350,000 home with a 20% down payment. Down payment = $350,000 × 20/100 = $70,000. Loan amount = $350,000 - $70,000 = $280,000. Since you put 20% down, you avoid PMI.
Common mistakes
- Forgetting about closing costs — Closing costs (2-5% of the home price) are separate from the down payment and paid at closing.
- Not knowing the minimum for your loan type — Different loan types have different minimum down payment requirements. Check with your lender.
- Assuming 20% is always required — Many loan programs allow smaller down payments. The trade-off is usually PMI.
Frequently asked questions
How do I calculate a down payment?
Multiply the home price by the down payment percentage divided by 100. Down Payment = Home Price × (Down Payment % / 100).
How much down payment do I need for a house?
Conventional loans typically require 3-20% down. FHA loans allow as little as 3.5%. VA and USDA loans may require 0% down. A 20% down payment eliminates PMI.
What is PMI and how does it relate to down payment?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It protects the lender and costs 0.5-1% of the loan amount annually.
Should I put 20% down on a house?
Putting 20% down removes PMI and lowers your monthly payment, but it is not always necessary. Evaluate your savings and monthly budget.
Is this calculator free?
Yes, completely free with no sign-up required.