How the Down Payment Calculator Works
A down payment is the part of the home price you pay in cash upfront, while the rest is financed with a mortgage. Together with closing costs, it determines how much cash you need on the day you buy a home. This free calculator gives you three ways to look at it:
- Upfront cash available: enter the cash you have saved and a down payment percentage to find the home price you can afford.
- Home price: enter the price of a home to see the down payment, closing costs and total cash you need.
- Home price and upfront cash: enter both to see the down payment percentage you can reach.
Every result also shows the loan amount and an estimated monthly principal-and-interest payment based on your interest rate and loan term.
Frequently Asked Questions
How much should I put down on a house?
Many buyers aim for 20% of the home price because it avoids private mortgage insurance (PMI) and lowers the monthly payment. However, many loan programs accept much less, so the right amount depends on your savings, income and goals.
What are closing costs?
Closing costs are one-time fees paid when you finalize a home purchase, such as appraisal, title, lender and legal fees. They commonly range from 2% to 5% of the home price and are usually paid in cash on top of your down payment.
What is PMI and when is it required?
Private mortgage insurance (PMI) protects the lender if you stop paying. It is usually required on conventional loans when your down payment is below 20% of the home price.
Does the monthly payment include taxes and insurance?
No. The monthly payment shown covers principal and interest only. Property taxes, homeowners insurance, HOA dues and PMI are not included and will increase your real monthly cost.