Use our down payment calculator to see exactly how much cash you need at closing. Enter any home price and down payment percentage to calculate your upfront cost, loan amount, and whether you'll pay PMI in 2026.
If the amount of upfront cash available and down payment percentages are known, use the calculator below to calculate an estimate for an affordable home price.
The down payment is usually the biggest hurdle between renting and owning, and it's the number that keeps people guessing the longest. This down payment calculator clears it up fast. Type in the home price and the percent (or dollar amount) you plan to put down, and it instantly shows three things that matter: the cash you'll need at closing, the loan amount you'd carry afterward, and whether you'll be paying private mortgage insurance. Reading the result is simple — the top figure is your down payment in real dollars, the loan amount is what you'd borrow, and the PMI flag tells you if you're above or below the 20% line. Slide the percentage up and down and you can watch your cash requirement and monthly insurance change in real time, which makes it easy to find a number that fits both your savings and your comfort level.
This down payment calculator estimates the cash you'll need at closing based on the home price and the percentage or dollar amount you plan to put down. Competitor pages consistently frame down payments around the 20% myth, PMI thresholds, and the trade-off between putting more down now versus keeping cash in reserve.
This page should stay clearly distinct from other calculators in your mortgage cluster. A mortgage calculator estimates the full monthly payment. A house affordability calculator works backward from your income to find a price range. A down payment calculator is different because it focuses on one specific question: how much cash do I need at the closing table, and what happens if I change that amount?
Let's bust the most stubborn myth in home buying right away. You do not need 20% down to buy a house. That figure has been drilled into people for decades, but the actual data tells a different story. In 2026, the typical U.S. buyer is putting down about 15% of the purchase price, and first-time buyers are putting down closer to 10% (Redfin, Clever).
So where does 20% come from? It's the threshold where private mortgage insurance disappears on a conventional loan, not a minimum requirement to buy. Plenty of buyers get into a home with far less. The 20% target is a goal worth chasing if you can — it lowers your payment and skips PMI — but treating it as a hard requirement keeps a lot of qualified buyers renting longer than they need to.
How little can you actually put down? It depends entirely on the loan program, and the spread is wider than most people expect:
0% down for eligible veterans, active-duty service members, and surviving spouses.
0% down for qualifying buyers in eligible rural and suburban areas.
As little as 3% down for first-time buyers through programs like Fannie Mae HomeReady and Freddie Mac Home Possible; 5% is standard otherwise.
3.5% down with a credit score of 580 or higher, or 10% down for scores between 500 and 579.
On a $400,000 home, that's the difference between $0 on a VA loan, about $12,000 on a 3% conventional loan, $14,000 on FHA, and $80,000 for the full 20%. The calculator lets you test each scenario so you can see what's genuinely within reach.
Private mortgage insurance is the cost of putting down less than 20% on a conventional loan. It protects the lender, not you, and it gets added to your monthly payment. PMI typically runs from about 0.46% to 1.5% of the loan amount per year — roughly $115 to $375 a month on a $300,000 mortgage.
The good news with conventional loans is that PMI doesn't last forever. You can request that your lender remove it once your loan balance drops to 80% of the home's original value, and by law it's automatically canceled at 78%. So even if you start below 20%, you have a clear path to dropping the extra cost as you pay down the loan.
Here's a nuance that catches a lot of first-time buyers off guard. FHA loans don't charge PMI; they charge a mortgage insurance premium, or MIP, and the rules are stricter. If you put down less than 10% on an FHA loan, that MIP sticks around for the entire life of the loan — it never cancels on its own. Put down 10% or more, and it drops off after 11 years.
That difference matters when you're choosing between an FHA and a conventional loan. A low FHA down payment gets you in the door, but the insurance can follow you for decades unless you refinance into a conventional loan later once you've built 20% equity. The calculator helps you weigh the upfront cash against that long-term cost.
Putting more down isn't just about avoiding PMI. It reshapes your whole loan in your favor. A larger down payment shrinks the amount you borrow, which directly lowers your monthly principal-and-interest payment. It can also strengthen your loan application and sometimes earn you a slightly better interest rate, because lenders see a lower-risk borrower.
Consider a $350,000 home. At 5% down, you'd put in $17,500 and borrow $332,500 — with PMI on top. At 20% down, you'd put in $70,000 and borrow $280,000 — no PMI, and a noticeably smaller monthly payment. The bigger down payment costs far more cash today, but it saves money every single month afterward. The right balance depends on how much cash you can part with without leaving yourself stretched.
A common and expensive surprise: the down payment is not the only cash you need at closing. Closing costs — things like appraisal, title, lender fees, and prepaid escrow — typically add another 2% to 5% of the loan amount on top of your down payment. Buyers who save exactly their down payment and nothing more often hit a wall at the finish line. When you're setting a savings goal, plan for both. The calculator focuses on the down payment, but keep that extra closing-cost cushion in mind so you're not caught short.
This is the judgment call the math alone can't make for you. A bigger down payment lowers your payment and skips PMI — but draining your savings to get there can leave you exposed if the water heater dies or you lose income for a month. There's real value in keeping an emergency fund intact.
A reasonable approach for many buyers is to put down enough to land a comfortable payment and, if possible, avoid PMI, while still holding back three to six months of expenses in reserve. If hitting 20% would wipe out your safety net, a smaller down payment with temporary PMI is often the smarter, safer move. And don't overlook down payment assistance programs — the average benefit runs around $18,000, which can cover much of the down payment on a moderately priced home.
A few quick examples on a $400,000 home show how the choices play out.
You put in $40,000 and borrow $360,000. You'll pay PMI for a while, but you're in the home — and PMI cancels once you reach 80% equity.
You put in $14,000 and borrow $386,000. The lowest entry cost here, but FHA MIP may follow the loan for its full life unless you refinance later.
You put in $80,000 and borrow $320,000. No PMI, the lowest monthly payment, and instant equity — but it takes the most cash up front.
Same house, three very different paths in. The best one depends on your savings, your loan type, and how much cushion you want to keep.
Pick a target percentage first, then work backward to a savings number using the calculator.
Look into down payment assistance. State and local programs often provide 3–5% of the price, and many first-time buyers qualify.
Remember gift funds are allowed. Family gifts can fund the down payment on every major loan type, fully documented.
Budget for closing costs separately so they don't ambush you at the table.
Weigh PMI against waiting. Sometimes buying now with PMI beats waiting years to reach 20% in a rising market.
Keep a reserve. Don't empty your savings for a slightly larger down payment.
No. Most buyers put down less — around 15% for the typical buyer and 10% for first-timers in 2026. The 20% mark only matters for avoiding PMI on a conventional loan.
It depends on the loan: 0% for VA and USDA, 3% for many conventional first-time programs, and 3.5% for FHA with a 580+ credit score.
On a $400,000 home, 20% is $80,000. On a $300,000 home, it's $60,000. The calculator converts any price and percentage into the exact dollar figure.
PMI is private mortgage insurance, required on conventional loans when you put down less than 20%. It's added to your monthly payment and can be removed once your balance reaches 80% of the home's value.
Yes. More money down means a smaller loan, which lowers your monthly payment, can help you avoid PMI, and may even earn a slightly better rate.
Enough to keep your payment comfortable and, ideally, avoid PMI — without draining your emergency savings. For many buyers that's somewhere between 10% and 20%, depending on their cash and loan type.
No. FHA charges MIP, which can last the life of the loan if you put down less than 10%, whereas conventional PMI cancels once you reach 20% equity.
Disclaimer: This calculator provides estimates for educational and planning purposes only. Actual down payment requirements, PMI costs, and loan terms depend on your lender, credit profile, loan program, and location. Figures referenced reflect 2026 market data and guidelines and may change. This is not financial advice — confirm details with a qualified mortgage professional.