Down Payment Calculator

Down Payment Calculator

Plan your home purchase with the right down payment

Calculate Your Down Payment

Enter a percentage between 0 and 100

Loan Information

Down Payment Guide

Minimum Down Payment Requirements

Loan Type Minimum Down Payment Notes
Conventional 3% PMI required if less than 20% down
FHA 3.5% MIP required for the life of the loan in most cases
VA 0% No down payment required; funding fee may apply
USDA 0% No down payment required; guarantee fee applies
Jumbo 10-20% Varies by lender, credit score, and loan amount

Benefits of a Larger Down Payment

  • Lower monthly payment: A larger down payment reduces your loan amount
  • Lower interest costs: Pay less interest over the life of the loan
  • Avoid PMI: 20% down on conventional loans eliminates PMI
  • Better loan terms: May qualify for lower interest rates
  • Less risk: More equity provides a cushion if property values decline
Tip: Don't deplete your emergency fund for a down payment. Experts recommend keeping 3-6 months of expenses in savings, even after making your down payment.

Down Payment Information

Why Your Down Payment Matters

Your down payment is one of the most important aspects of your mortgage. It affects:

  • Your monthly payment: A larger down payment means a smaller loan amount and lower monthly payments
  • Interest costs: A smaller loan means less interest paid over the life of your mortgage
  • Mortgage insurance: Putting less than 20% down on a conventional loan typically requires private mortgage insurance (PMI)
  • Loan options: Different loan types have different minimum down payment requirements
  • Interest rates: Lenders may offer better rates to borrowers with larger down payments

The 20% Down Payment Standard

While 20% has traditionally been the standard for conventional loans, many home buyers today put down less:

  • The median down payment for first-time homebuyers is about 6-7%
  • The median down payment for repeat buyers is about 16-17%
  • Many buyers use loan programs that allow lower down payments

Pros and Cons of Different Down Payment Amounts

Down Payment Pros Cons
3-5%
  • Lower upfront costs
  • Quicker path to homeownership
  • Keep more savings for emergencies
  • Higher monthly payments
  • Mortgage insurance required
  • Higher interest rates possible
10-15%
  • Lower PMI costs
  • Lower monthly payment than minimum down
  • Possibly better rates than minimum down
  • Still requires PMI
  • Higher upfront cost
20% or more
  • No PMI required
  • Lower monthly payments
  • Better interest rates
  • More equity from the start
  • Requires significant upfront savings
  • May delay homeownership
  • Less liquidity for other investments

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Loan Types Compared

Conventional Loans

  • Down Payment: Typically 3-20%
  • PMI: Required if down payment is less than 20%
  • Credit Score: Usually 620+, better terms with 740+
  • Best For: Borrowers with good credit and stable income

FHA Loans

  • Down Payment: As low as 3.5%
  • MIP: Required upfront and annually, typically for the life of the loan
  • Credit Score: As low as 500 (with 10% down) or 580 (with 3.5% down)
  • Best For: First-time homebuyers with lower credit scores

VA Loans

  • Down Payment: 0% (no down payment required)
  • PMI: None, but has a funding fee (can be waived for disabled veterans)
  • Credit Score: No minimum from VA, but lenders typically want 620+
  • Best For: Eligible veterans, active duty service members, and surviving spouses

USDA Loans

  • Down Payment: 0% (no down payment required)
  • Fees: Upfront guarantee fee and annual fee
  • Credit Score: Typically 640+ for automated underwriting
  • Best For: Low to moderate-income buyers in eligible rural and suburban areas

Jumbo Loans

  • Down Payment: Typically 10-20%
  • PMI: Varies by lender
  • Credit Score: Usually 700+ with stricter requirements
  • Best For: Borrowers purchasing high-value properties above conforming loan limits
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