🏠 Down Payment Calculator
By ToolNimba Finance Team · Reviewed by ToolNimba Editorial Review, personal finance content · Updated 2026-06-19
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, with the rest covered by your mortgage. This calculator turns a home price and a percent down into the exact dollar amount you need and the loan you will carry. Enter the price and either a percentage or a dollar figure, and the two stay in sync so you can plan from whichever number you know.
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.
The 20% figure carries special weight in the United States. 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: an FHA loan can allow as little as 3.5% down, and some VA and USDA loans allow zero down for those who qualify.
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 a few percent 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 several thousand more for closing. Knowing the split early stops a budget surprise on signing day.
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 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.
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.
- Use the quick tier buttons (3.5%, 5%, 10%, 20%) or the comparison table to see other scenarios.
Formula & method
Worked examples
A $350,000 home with 20% down.
- down payment = 350,000 × 20 ÷ 100 = $70,000
- loan amount = 350,000 − 70,000 = $280,000
- At 20% down on a conventional loan you would normally avoid private mortgage insurance.
Result: Down payment $70,000, loan $280,000
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 private mortgage insurance until your equity reaches the lender threshold.
Result: 10% down, loan $225,000
Down payment and loan amount by tier on a $350,000 home
| Percent down | Down payment | Loan amount | Avoids PMI (conventional) |
|---|---|---|---|
| 3.5% (FHA minimum) | $12,250 | $337,750 | No |
| 5% | $17,500 | $332,500 | No |
| 10% | $35,000 | $315,000 | No |
| 20% | $70,000 | $280,000 | 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 mortgage insurance premiums |
| VA | 0% | For eligible veterans and service members |
| USDA | 0% | For eligible rural and suburban buyers |
Common mistakes to avoid
- Forgetting closing costs are extra. Closing costs (lender fees, title, taxes, and prepaid items) are paid on top of your down payment, not out of it. Budget a few percent of the price beyond the down payment so you are not caught short at signing.
- Assuming you must put 20% down. Twenty percent helps you avoid private mortgage insurance on a conventional loan, but it is not a hard requirement. Many buyers use 3% to 5% down 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 a monthly premium until your equity reaches the threshold. Compare the cost of PMI against the time 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.
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.
- 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, separate from and on top of the down payment.
Frequently asked questions
How much should I put down on a house?
There is no single right answer. Putting 20% down on a conventional loan usually lets you avoid private mortgage insurance, but many buyers use 3% to 5% conventional loans, FHA loans at 3.5%, or zero-down VA and USDA programs. Weigh the cash you have against lower monthly payments and PMI.
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.
What is the minimum down payment on a house?
It depends on the loan. Conventional loans can start around 3% to 5% 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.
Why is 20% down important?
On a conventional loan, a 20% down payment 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.
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 a few percent of the price in closing costs in addition to the cash you put down.
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. Enter a percent and it works the other way, filling in the dollar amount.
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