🏠 Down Payment Calculator: Percent Down and Loan Amount
By Shihab Mia · Reviewed by ToolNimba Editorial Review, personal finance content · Updated 2026-07-11
This calculator gives an estimate only and is not financial advice. Your real costs depend on closing costs, private mortgage insurance, lender fees, property taxes, and the loan program you qualify for. Confirm the exact figures with your lender and speak to a qualified mortgage adviser before buying.
| Tier | Down payment | Loan amount |
|---|
A down payment is the cash you pay upfront when buying a home, and your down payment calculator answer is simple: down payment = home price times percent down, and your loan is the price minus that. On a $400,000 home, 10% down is $40,000 in cash and a $360,000 loan; 20% down is $80,000 cash and a $320,000 loan. Enter the price and either a percent or a dollar figure below, and the two stay in sync so you can plan from whichever number you already know, along with your loan amount, loan-to-value ratio, and whether you clear the 20% PMI threshold.
What is the Down Payment Calculator?
Your down payment is the share of the purchase price you pay in cash at closing, and the loan amount is simply the price minus that down payment. If a home costs $350,000 and you put 20% down, that is $70,000 in cash and a $280,000 loan. A larger down payment means a smaller loan, lower monthly payments, and less interest over the life of the mortgage, which is why the percent down is one of the most important numbers in a home purchase. It also sets your loan-to-value ratio (LTV): 20% down is an 80% LTV, and lenders price their best rates around that line.
The 20% figure carries special weight in the United States, but it is a myth that you need it. On a conventional loan, putting at least 20% down usually lets you avoid private mortgage insurance (PMI), an extra monthly premium that protects the lender, not you, when your equity is thin. Below 20% the loan is still possible, but you typically pay PMI until your equity reaches the required threshold. Government-backed programs change the math entirely: a conventional loan can go as low as 3% down, an FHA loan allows 3.5% down, and VA and USDA loans allow zero down for those who qualify.
What buyers actually put down is far below 20%. According to the National Association of Realtors, the median down payment for all buyers was 19% in 2025, but for first-time buyers it was just 10%, while repeat buyers who roll equity from a previous sale put down a median of 23%. So the 20% target describes move-up buyers, not people entering the market. If you are a first-time buyer, budgeting around 5% to 10% is far more realistic than straining for a fifth of the price.
It helps to separate the down payment from the other cash you need at closing. Closing costs (lender fees, title charges, taxes, and prepaid items) commonly run 2% to 5% of the price and are paid on top of the down payment, not out of it. So a buyer planning 10% down on a $350,000 home needs the $35,000 down payment plus roughly $7,000 to $17,500 more for closing. Knowing the split early stops a budget surprise on signing day.
The down payment does not have to come entirely from your own savings. Conventional and FHA loans both allow gift funds from close family members, provided you document the gift with a signed letter confirming it is not a loan. There is also a large safety net most buyers overlook: down payment assistance. As of late 2025 there were more than 2,600 active down payment assistance programs across the country, many offering grants or forgivable second loans that can cover thousands of dollars for eligible buyers.
Finally, think about the tradeoff rather than just maximizing the down payment. Putting more down lowers your loan, your payment, and your PMI, but draining every dollar of savings leaves you exposed to repairs and emergencies. A smaller down payment plus a healthy cash reserve is often the safer plan, and PMI is not permanent: once you reach 20% equity you can request cancellation, and lenders must remove it automatically at 22% equity under federal law.
When to use it
- Working out how much cash you need to save before house hunting at a given price point.
- Seeing whether reaching 20% down to skip private mortgage insurance is realistic for your budget.
- Comparing a 3.5%, 5%, 10%, and 20% down payment on the same home to weigh upfront cash against loan size.
- Converting a target dollar amount you have saved into the percent down it represents on a given price.
- Checking your loan-to-value ratio to see how close you are to the 80% LTV that unlocks better pricing.
- Planning total cash to close by adding estimated closing costs on top of the down payment.
How to use the Down Payment Calculator
- Enter the home price you are considering.
- Enter either a down payment percent or a down payment dollar amount, the other updates automatically.
- Read off the down payment, the remaining loan amount, and the effective percent down (your LTV is 100 minus the percent down).
- Use the quick tier buttons (3.5%, 5%, 10%, 20%) or the comparison table to see other scenarios side by side.
- Add an estimated 2% to 5% of the price for closing costs to get your true cash needed at closing.
Formula & method
Worked examples
A $350,000 home with 20% down (avoiding PMI).
- down payment = 350,000 × 20 ÷ 100 = $70,000
- loan amount = 350,000 − 70,000 = $280,000
- LTV = 280,000 ÷ 350,000 × 100 = 80%, so on a conventional loan you would normally avoid private mortgage insurance.
Result: Down payment $70,000, loan $280,000, no PMI
You have $25,000 saved and are looking at a $250,000 home.
- percent down = 25,000 ÷ 250,000 × 100 = 10%
- loan amount = 250,000 − 25,000 = $225,000
- At 10% down you would likely pay PMI until your equity reaches the lender threshold. At a 0.7% annual PMI rate that is 225,000 × 0.007 ÷ 12 = about $131 per month.
Result: 10% down, loan $225,000, roughly $131 per month in PMI
A first-time buyer using a 3.5% FHA down payment on a $400,000 home.
- down payment = 400,000 × 3.5 ÷ 100 = $14,000
- loan amount = 400,000 − 14,000 = $386,000
- closing costs at roughly 3% add 400,000 × 0.03 = $12,000, so total cash to close is about $26,000, not just the $14,000 down payment.
Result: Down $14,000, loan $386,000, about $26,000 cash to close
Down payment, loan, and LTV by tier on a $350,000 home
| Percent down | Down payment | Loan amount | LTV | Avoids PMI (conventional) |
|---|---|---|---|---|
| 3.5% (FHA minimum) | $12,250 | $337,750 | 96.5% | No |
| 5% | $17,500 | $332,500 | 95% | No |
| 10% | $35,000 | $315,000 | 90% | No |
| 20% | $70,000 | $280,000 | 80% | Yes |
Typical minimum down payment by US loan type
| Loan type | Typical minimum down | Notes |
|---|---|---|
| Conventional | 3% to 5% | PMI usually required below 20% down |
| FHA | 3.5% | Requires upfront and annual mortgage insurance premiums |
| VA | 0% | For eligible veterans and service members, no PMI |
| USDA | 0% | For eligible rural and suburban buyers with income limits |
Median down payment by buyer type (2025, National Association of Realtors)
| Buyer type | Median percent down | What it means |
|---|---|---|
| All buyers | 19% | Pulled up by repeat buyers rolling in home equity |
| First-time buyers | 10% | The realistic target for people entering the market |
| Repeat buyers | 23% | Equity from a prior sale funds a larger down payment |
Common mistakes to avoid
- Forgetting closing costs are extra. Closing costs (lender fees, title, taxes, and prepaid items) run about 2% to 5% of the price and are paid on top of your down payment, not out of it. On a $350,000 home that is roughly $7,000 to $17,500 beyond the down payment, so budget for it or you will be caught short at signing.
- Assuming you must put 20% down. Twenty percent helps you avoid PMI on a conventional loan, but it is not a hard requirement. The median first-time buyer puts down just 10%. Many buyers use 3% to 5% conventional loans, FHA loans at 3.5%, or zero-down VA and USDA programs.
- Ignoring the cost of private mortgage insurance. Putting less down lets you buy sooner, but PMI adds roughly 0.46% to 1.5% of the loan per year until your equity reaches 20%. On a $300,000 loan that is about $115 to $375 a month. Compare the PMI cost against how long it would take to save a larger down payment.
- Draining all savings into the down payment. Emptying your reserves to maximize the down payment can leave you exposed to repairs and emergencies. Lenders often want to see cash reserves left over after closing, and a smaller down payment plus a solid emergency fund is frequently the safer plan.
- Overlooking down payment assistance and gift funds. More than 2,600 down payment assistance programs operate across the US, and conventional and FHA loans both allow documented gift funds from family. Assuming you must save every dollar yourself can delay a purchase that assistance would make possible now.
- Confusing a bigger down payment with a lower interest rate. Crossing key LTV thresholds (such as reaching 80% LTV) can improve pricing, but your rate is driven mostly by credit score, loan type, and market conditions. Do not assume a larger down payment always buys a dramatically lower rate.
Glossary
- Down payment
- The portion of a home price you pay in cash upfront at closing, rather than financing with the mortgage.
- Loan amount (principal)
- The home price minus the down payment, the sum your mortgage actually finances.
- Private mortgage insurance (PMI)
- A monthly premium charged on conventional loans with less than 20% down, protecting the lender if you default. It is removable once you reach 20% equity.
- Loan-to-value (LTV)
- The loan amount divided by the home value, expressed as a percent. A 20% down payment gives an 80% LTV.
- Closing costs
- Fees and prepaid items due at closing, typically 2% to 5% of the price, separate from and on top of the down payment.
- Cash to close
- The total cash you need at signing, which is the down payment plus closing costs minus any credits.
- Gift funds
- Money from a close family member used toward the down payment, allowed on most loans when documented with a gift letter stating it is not a loan.
- Down payment assistance (DPA)
- Grants or forgivable second loans from state, local, or nonprofit programs that help cover the down payment for eligible buyers.
Frequently asked questions
How much should I put down on a house?
There is no single right answer, but the median first-time buyer puts down 10%, not 20%. Putting 20% down on a conventional loan lets you avoid private mortgage insurance, while 3% to 5% conventional, 3.5% FHA, and zero-down VA and USDA loans let you buy sooner. Weigh the cash you have against lower monthly payments, PMI, and keeping an emergency fund.
How do I calculate a down payment from a percentage?
Multiply the home price by the percent and divide by 100. For example, 10% on a $350,000 home is 350,000 × 10 ÷ 100 = $35,000. The loan amount is the price minus that down payment. This calculator does both automatically and also shows the reverse if you enter a dollar amount.
What is the minimum down payment on a house?
It depends on the loan. Conventional loans can start at 3% down, FHA loans allow 3.5%, and VA and USDA loans can allow zero down for eligible buyers. Lower down payments usually mean mortgage insurance and a larger loan, but they let you buy without saving 20% first.
Why is 20% down important?
On a conventional loan, a 20% down payment (an 80% LTV) generally lets you skip private mortgage insurance, the monthly premium charged when your equity is below 20%. A larger down payment also lowers your loan, your monthly payment, and the total interest you pay. It is a useful target, not a requirement.
Are closing costs part of the down payment?
No. Closing costs are lender fees, title charges, taxes, and prepaid items paid at closing, and they come on top of the down payment. Plan for about 2% to 5% of the price in closing costs in addition to the cash you put down, so your total cash to close is higher than the down payment alone.
How much is PMI if I put less than 20% down?
Private mortgage insurance typically costs 0.46% to 1.5% of the loan amount per year, which is roughly $115 to $375 a month on a $300,000 loan. Your exact rate depends on your credit score, loan-to-value ratio, and down payment size. You can request removal at 20% equity, and lenders must cancel it automatically at 22% equity.
What is the average down payment for a first-time home buyer?
According to the National Association of Realtors, the median down payment for first-time buyers was 10% in 2025, while all buyers combined put down a median of 19% and repeat buyers put down 23%. First-time buyers put down less because they have no prior home equity to roll into the purchase.
Can I enter a dollar amount instead of a percentage?
Yes. Type a down payment amount and the calculator converts it to the matching percent of the home price, then shows the remaining loan and your LTV. Enter a percent and it works the other way, filling in the dollar amount. Use whichever number you already know.
Can I use gift money or assistance for my down payment?
Often, yes. Conventional and FHA loans both allow gift funds from close family members when you document them with a signed gift letter confirming the money is not a loan. Separately, more than 2,600 down payment assistance programs across the US offer grants or forgivable loans to eligible buyers, so you may not need to save the full amount yourself.
Does a bigger down payment lower my interest rate?
It can help at key thresholds. Reaching 80% LTV removes PMI and often improves conventional pricing, but your interest rate is driven mostly by your credit score, the loan program, and market rates. A larger down payment reliably lowers your loan and monthly payment, but do not assume it always buys a dramatically lower rate.
Sources
- How much money do you need to buy a house? , U.S. Consumer Financial Protection Bureau
- What is private mortgage insurance? , U.S. Consumer Financial Protection Bureau
- Profile of Home Buyers and Sellers (median down payment data) , National Association of Realtors