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Down Payment Calculator

Enter the expected purchase price of the home. Use numbers only (e.g., 350000).

Provide either a dollar amount or a percentage below. If both are entered, the calculator will use the amount.

Example: enter 20 for 20% down. Leave blank if you entered an amount above.

Typical closing costs range from 2%–5% of the purchase price and vary by market and loan type.

Many conventional loans remove PMI at 20% down. Adjust if your loan program differs.

If you have savings earmarked for your down payment, enter it to see any remaining gap.

Enter how much you plan to save each month to estimate how long it may take to reach your goal.

This tool is for educational purposes only and does not constitute financial or lending advice. Always confirm terms with your lender.

Use our Down Payment Calculator to estimate how much cash you need to close, your loan-to-value (LTV) ratio, whether you may owe private mortgage insurance (PMI), and how long it could take to save for your goal.

What the Down Payment Calculator does

Buying a home starts with understanding your down payment. This calculator shows the down payment amount based on either a dollar figure or a percentage of the purchase price. It also estimates closing costs, calculates your loan amount and LTV, checks your down payment against a PMI threshold, and can project how many months you may need to save to hit your target.

Key outputs you’ll see

  • Down payment amount and percentage
  • Estimated closing costs and total cash to close
  • Loan amount (price minus down payment)
  • Loan-to-value (LTV) ratio
  • PMI indicator based on your threshold (commonly 20%)
  • Savings gap and months to goal (if you enter savings details)

How to use the Down Payment Calculator

  1. Enter the home purchase price.
  2. Provide either a down payment amount or a percentage. If both are entered, the calculator will use the amount.
  3. Optionally add an estimated closing cost percentage (many buyers use 2%–5%).
  4. Adjust the PMI threshold if your loan program differs from the standard 20% for conventional loans.
  5. Enter your current savings and monthly savings plan to see the remaining gap and a time-to-goal estimate.

Why your down payment matters

Your down payment directly affects your loan size, monthly mortgage payment, and LTV. A higher down payment reduces your loan amount and may help you avoid PMI on conventional loans. For example, putting 20% down typically removes PMI, while smaller down payments may require monthly PMI until you reach sufficient equity.

Typical ranges by loan type

  • Conventional: 3%–20% down, PMI usually required under 20%
  • FHA: As low as 3.5% down (with mortgage insurance premiums)
  • VA/USDA: Often 0% down for eligible borrowers (with funding or guarantee fees)

Understanding LTV and PMI

LTV—loan-to-value—is the percentage of the home price you’re borrowing. If you buy a $400,000 home with a $60,000 down payment, your loan amount is $340,000 and your LTV is 85%. Lenders often use LTV to determine PMI requirements and pricing. With the calculator, you’ll see your LTV instantly based on your inputs and whether it’s below your chosen PMI threshold.

Don’t forget closing costs and cash to close

Beyond your down payment, you’ll need to account for closing costs, which can include lender fees, title charges, prepaid taxes and insurance, and more. Input an estimated percentage, and the calculator will add this to your down payment to show your total cash to close. This helps you plan your savings target more accurately.

Plan your savings timeline

If you provide your current savings and how much you can save each month, the calculator will estimate your remaining savings gap and how many months it might take to reach your target. This can guide your homebuying timeline and budget decisions.

Tips to reach your goal faster

  • Automate transfers to a dedicated savings account
  • Trim recurring expenses and redirect the savings
  • Watch for lender credits and seller concessions
  • Compare loan options to balance down payment, PMI, and rate
  • Consider local down payment assistance programs

Limitations and next steps

This tool provides educational estimates and doesn’t replace lender quotes. Actual closing costs, PMI rules, and eligibility vary by lender, loan type, and location. After exploring scenarios with the Down Payment Calculator, connect with a loan officer to confirm program details and receive a personalized pre-approval.

FAQs

How does the Down Payment Calculator determine my cash to close?

It adds your down payment to estimated closing costs (a percentage of the home price) to show total cash to close.

Can the Down Payment Calculator use either a dollar amount or a percentage?

Yes. Enter a down payment amount or percentage. If both are provided, the calculator prioritizes the amount.

Will the Down Payment Calculator tell me if I need PMI?

It compares your down payment percentage to your PMI threshold (typically 20%) and indicates if PMI may apply.

Does the Down Payment Calculator estimate closing costs accurately?

It provides an estimate using your chosen percentage. Actual closing costs vary by lender, loan type, and location.

Can the Down Payment Calculator estimate how long it will take to save?

If you enter current savings and monthly savings, it estimates the remaining gap and months to reach your goal.

What LTV does the Down Payment Calculator show?

It calculates loan-to-value by dividing your loan amount by the purchase price and expresses it as a percentage.

Is the Down Payment Calculator useful for FHA or VA loans?

Yes. Adjust the PMI threshold and closing cost estimate to reflect your program’s rules and fees.

Does the Down Payment Calculator replace a lender quote?

No. It’s an educational tool. Confirm rates, PMI, and closing costs with your lender for precise numbers.