Down Payment Calculator
Down payment, closing costs and time to save.
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This down payment calculator shows how much cash you need to buy a home: the down payment, estimated closing costs and the total due at closing. It compares common options from 3% to 20% down, including the loan amount, monthly principal and interest and whether you would pay private mortgage insurance (PMI), and works out how long it will take to save the rest.
What is a Down Payment Calculator?
A down payment is the part of the home price you pay in cash; the rest is borrowed with a mortgage. A larger down payment means a smaller loan, lower monthly payments and, at 20% or more on a conventional loan, no private mortgage insurance.
You also need cash for closing costs, such as lender fees, title insurance and prepaid taxes, which usually add 2% to 5% of the price. This down payment calculator adds both together, compares common down payment levels and estimates how long it will take to save the amount you need.
How does the Down Payment Calculator work?
The calculator multiplies the price by your down payment and closing cost percentages, subtracts your current savings and then grows your savings month by month at your APY plus monthly deposits until you reach the target. The comparison table repeats the numbers for 3%, 3.5%, 5%, 10% and 20% down, with a 30-year payment estimate at your mortgage rate.
How to use the Down Payment Calculator step by step
- Enter the home price.
- Choose your down payment percentage.
- Set an estimate for closing costs.
- Enter your savings, monthly saving and APY.
- Enter a mortgage rate for payment estimates.
- Compare the options in the table.
Down Payment Calculator example with real numbers
Kim wants to buy a $400,000 home with 20% down, expects closing costs of about 3%, has $30,000 saved and can save $1,500 a month in a 4% APY account.
| Example input | Value |
|---|---|
| Home price | $400,000 |
| Down payment | 20% |
| Closing costs (of price) | 3% |
| Savings you already have | $30,000 |
| You can save each month | $1,500 |
| Savings account APY | 4% |
| Mortgage rate (for payment estimates) | 6.5% |
| Example output | Value |
|---|---|
| Cash needed at closing | $92,000 |
| Loan amount | $320,000 |
| Monthly principal and interest (30 years) | $2,023 |
| PMI likely? | No |
| Still to save | $62,000 |
| Time to save | 3 years 1 month |
The down payment calculator shows she needs $92,000 at closing and has $62,000 still to save, which will take about 3 years 1 month.
Key features of this Down Payment Calculator
- Down payment and closing costs
- Time-to-save estimate
- 3% to 20% comparison
- PMI flag
- Payment estimate
Who should use the Down Payment Calculator?
Who is this Down Payment Calculator for?
- First-time home buyers
- Renters saving to buy
- Couples planning a purchase
- Real-estate agents explaining options
Practical use cases
- Setting a savings goal
- Deciding between 5% and 20% down
- Checking if you can buy this year
- Explaining cash needed at closing
Key benefits
- Complete: down payment plus closing costs.
- Practical: time to save.
- Comparative: options side by side.
- Private: runs in your browser.
Tips for better results
- Look into state and local down payment assistance programs.
- Keep three to six months of expenses separate from the down payment.
- Ask the seller for closing cost credits in a slow market.
- Gift funds from family may be allowed with a gift letter.
Common mistakes to avoid
- Forgetting closing costs.
- Using emergency savings for the down payment.
- Assuming 20% down is required.
- Ignoring PMI when comparing small down payments.
Limitations of this Down Payment Calculator
- Closing costs vary by state and lender.
- PMI cost is not calculated here.
- Loan program rules change; check with a lender.
Down Payment Calculator vs other ways to calculate
| Down payment | Typical loan type | Mortgage insurance |
|---|---|---|
| 3% | Some conventional programs | PMI |
| 3.5% | FHA (580+ score) | FHA MIP |
| 0% | VA or USDA (if eligible) | VA funding fee / USDA fee |
| 20%+ | Conventional | None |
To see what price fits your income, use the home affordability calculator. For a 3.5% down loan, try the FHA loan calculator.
Privacy and data handling
This Down Payment Calculator runs entirely in your browser. The numbers you type are not sent to Qorico or stored on any server, and nothing is saved after you close the page. The Copy and Download buttons create the result on your own device. If the page has analytics turned on, it may count that a calculation happened, but it does not record the values you entered.
Down Payment Calculator FAQs
How much should I put down on a house?
20% avoids PMI on a conventional loan, but many buyers put down 3% to 10%. Choose what keeps your payment comfortable and your emergency fund intact.
Do I need 20% down?
No. Conventional loans can go as low as 3%, FHA 3.5%, and VA or USDA loans may need nothing down if you qualify.
How much are closing costs?
Typically 2% to 5% of the purchase price.
How long will it take to save for a down payment?
Enter your savings, monthly saving and APY above; the calculator shows the months.
What is PMI?
Private mortgage insurance protects the lender when you put less than 20% down on a conventional loan.
Can I use gift money for a down payment?
Many loan programs allow gifts from family with documentation.
Related tools
Sources and references
We checked the method and the current figures used in this Down Payment Calculator against these official and primary sources:
- CFPB: Owning a home
- U.S. Department of Housing and Urban Development
- HelpWithMyBank (OCC): Private mortgage insurance
- FDIC: deposit insurance
Written and reviewed by the Qorico Team
