Calculate your home down payment by price, loan type, and percentage. Compare 3% to 20% down, see PMI costs, and plan your savings timeline for buying a home.
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Down payment requirements range from 0% (VA, USDA) to 20%+ depending on loan type, credit score, and property type. The days of needing 20% down are long gone — most first-time buyers put down just 6-7%. This calculator shows exact dollar amounts at any percentage, PMI impact for each scenario, side-by-side loan type comparisons, and a savings timeline to help you plan. Putting less than 20% down triggers private mortgage insurance (PMI), which adds $100-$300+ per month to your payment — but it may still make sense to buy sooner rather than wait years to save 20%.
A down payment is the upfront cash portion of a home purchase that isn't financed by a mortgage. It determines your loan-to-value (LTV) ratio, which affects your interest rate, PMI requirement, and total cost. Minimum requirements vary by loan type: Conventional (3-5%), FHA (3.5%), VA (0%), USDA (0%). While 20% is traditionally recommended because it avoids PMI and typically secures a lower interest rate, it's not required. The average first-time buyer puts down about 6-7%, and there are many programs to help with down payment assistance.
Formula
Down Payment = Home Price × (Down Payment % / 100)Quickly convert percentages to real dollars. On a $400,000 home, 3% is $12,000 while 20% is $80,000 — a $68,000 difference that affects your savings timeline, monthly payment, and total cost.
Putting less than 20% down triggers PMI, adding $100-$300+ per month. See exactly how much PMI costs at different down payment levels and when it automatically cancels.
FHA requires 3.5% down but has lifetime mortgage insurance. VA allows 0% down with no PMI. Conventional requires 3-5% with cancellable PMI. See which option costs less over time.
Your down payment is just part of the cash you'll need. Add estimated closing costs (2-5%) to see the true savings target. On a $350,000 home with 5% down, you might need $17,500 + $10,000 closing costs = $27,500.
Enter your current savings and monthly savings rate to see exactly how many months until you reach your target down payment. Make informed decisions about when to start house shopping.
Determine exactly how much to save for a 3-5% down payment vs 10-20% and understand the PMI trade-off. Create a realistic savings timeline based on your monthly budget.
See the true cost difference between FHA's 3.5% down with lifetime MIP vs conventional's 5% down with cancellable PMI. The cheaper initial option isn't always the best long-term choice.
Compare monthly payments and total costs at 5%, 10%, 15%, and 20% down. Determine if the PMI savings of 20% down justify the larger upfront cost.
Calculate total savings of 0% down with no PMI compared to conventional options. Factor in the VA funding fee to see the true cost comparison.
See your total cash-to-close requirement combining down payment and estimated closing costs. Avoid the surprise of needing $10K-$20K more than just the down payment.
On a $300,000 home, down payments range from $0 to $60,000 depending on loan type: VA/USDA = $0, FHA = $10,500 (3.5%), Conventional minimum = $9,000-$15,000 (3-5%), and the traditional 20% = $60,000. Most first-time buyers choose 3-10% ($9,000-$30,000). With 5% down ($15,000), expect a monthly payment around $1,850 including PMI, taxes, and insurance. With 20% down ($60,000), the payment drops to about $1,600 with no PMI.
No, 20% down is not required. You can buy with as little as 0% down (VA/USDA), 3% (conventional first-time buyer), or 3.5% (FHA). The 20% threshold is significant because it eliminates private mortgage insurance (PMI), which adds 0.2-1.5% of your loan amount annually. However, waiting to save 20% may mean missing out on home appreciation. Many financial advisors recommend buying sooner with PMI rather than waiting years for 20%.
PMI (Private Mortgage Insurance) protects your lender if you default. It's required when your down payment is less than 20% on a conventional loan. PMI typically costs 0.2% to 1.5% of your loan amount per year ($50-$400+/month depending on loan size and credit score). On a $350,000 loan with good credit, expect PMI of about $125-$200/month. PMI automatically cancels when your loan balance reaches 78% of the original home value.
For a $400,000 home: FHA minimum = $14,000 (3.5%), Conventional minimum = $12,000-$20,000 (3-5%), 10% = $40,000, 20% = $80,000. With a conventional loan at 5% down ($20,000) and 6.75% rate, your monthly payment would be about $2,465 (P&I) plus ~$190 in PMI. At 20% down ($80,000), the payment drops to $2,078 with no PMI — saving about $387/month.
The minimum depends on loan type: VA loan = 0% (eligible veterans), USDA loan = 0% (rural areas with income limits), Conventional = 3% (first-time buyers, 620+ credit) or 5%, FHA = 3.5% (580+ credit) or 10% (500-579 credit). Investment properties require 15-25%. Jumbo loans typically require 10-20%. Lower down payments mean higher monthly payments due to a larger loan amount and PMI costs.
FHA loans require 3.5% minimum down (580+ credit), while conventional loans require 3-5%. The key difference is mortgage insurance: FHA charges 1.75% upfront MIP plus 0.55% annual MIP that lasts the life of the loan (if less than 10% down). Conventional PMI ranges from 0.2-1.5% annually but can be cancelled at 20% equity. For most buyers with 680+ credit, conventional is better long-term.
It depends on your target and savings rate. For a $350,000 home with 5% down ($17,500): saving $500/month = 35 months, saving $1,000/month = 18 months, saving $1,500/month = 12 months. For 20% ($70,000): saving $1,000/month = 70 months (nearly 6 years). Tips: automate transfers, use high-yield savings accounts (4.5%+ APY), and consider down payment assistance programs.
A larger down payment reduces payments two ways: smaller loan amount lowers P&I, and 20%+ eliminates PMI. On a $400,000 home at 6.75% for 30 years: 3% down = ~$2,516 P&I + $230 PMI = $2,746/month. 10% down = ~$2,335 P&I + $135 PMI = $2,470/month. 20% down = ~$2,078 P&I + $0 PMI = $2,078/month. That's $668/month difference between 3% and 20% down.