Down Payment Calculator
Calculate your down payment amount from a percentage or a dollar amount, and see the resulting loan amount and PMI implications.
- Down Payment$35,000.00 · 10%
- Loan Amount$315,000.00 · 90%
You're financing 90% of the price — putting $35,000.00 down on a $350,000.00 home.
- Loan Amount$315,000.00
Down payments under 20% typically require private mortgage insurance (PMI) on conventional loans.
About the Down Payment Calculator
The down payment number people quote — 20% — is a convention, not a requirement, and the percentage you actually put down changes two things at once: how much you're financing and whether you'll be paying for private mortgage insurance on top of it. This calculator turns a target percentage into the actual dollar amount and the loan size that results, so you can see the real tradeoff between a bigger upfront payment and a smaller loan.
It's typically the first calculation a buyer runs, before mortgage rates or monthly payments even enter the picture — figuring out what cash is actually needed to open the door to a given home price.
Whether you're weighing 5% down against 20% down on a home you haven't made an offer on yet, the numbers you test here never leave your device.
Frequently asked questions
How much down payment do I actually need to buy a house?
Conventional loans allow as little as 3% down for qualified buyers, FHA loans allow 3.5%, and VA loans can go to 0% down for eligible veterans — 20% isn't a minimum, it's the threshold that avoids private mortgage insurance.
What happens if I put down less than 20%?
On a conventional loan, you'll typically pay private mortgage insurance (PMI) as a monthly add-on until your equity reaches roughly 20%, at which point you can usually request it be removed. FHA loans have their own separate mortgage insurance rules that work differently and often last longer.
Is putting 20% down always the smartest move?
Not necessarily — it avoids PMI, but tying up more cash in a down payment means less liquidity and less to invest elsewhere. Whether it's worth it depends on your PMI cost, your other financial priorities, and how comfortable you are being less liquid.
How does a bigger down payment change my loan amount?
Dollar for dollar — every extra dollar you put down is a dollar you don't have to borrow, which lowers both your loan amount and, in turn, your monthly principal and interest payment on a mortgage calculator.
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