Down Payment Calculator

See how different down payment amounts affect your total loan, monthly payment, and mortgage insurance. Find the right balance between affordability today and savings tomorrow.

Benefits

• Estimate how much you’ll need for a down payment
• See how your loan amount changes with different savings goals
• Understand how down payments affect monthly costs
• Compare scenarios for 3%, 5%, 10%, and 20% down

Formula

Your down payment equals the portion of your home price you pay upfront.

Your loan amount is then:

This calculator uses these formulas to show how your monthly payment changes with each down payment option.

Terms

• Home Price: The total cost of the property you plan to buy
• Down Payment: The amount you pay upfront before financing the rest
• Loan Amount: The amount you borrow after the down payment
• Interest Rate: The cost of borrowing money annually
• Mortgage Insurance: Extra cost for loans with less than 20% down

Factors to Consider

• Larger down payments reduce monthly payments and total interest
• A 20% down payment often removes private mortgage insurance (PMI)
• Some programs, like FHA or VA loans, allow low or no down payments
• Keep savings for closing costs, emergencies, and move-in expenses