Down Payment Calculator
Calculate how much you need for a down payment on a home and see the resulting loan amount.
Down Payment Breakdown
Down payment is simply a percentage of the home’s purchase price:
Down Payment = Home Price × (Down Payment % / 100)
Loan Amount = Home Price - Down Payment
Common down payment percentages:
- 3% — Minimum for conventional loans (Fannie Mae/Freddie Mac)
- 3.5% — Minimum for FHA loans
- 5-10% — Common range for first-time buyers
- 20% — Avoids Private Mortgage Insurance (PMI)
- 0% — VA and USDA loans for qualifying buyers
Why 20% matters:
- No PMI required (saves $100-300/month on average)
- Lower monthly payments
- Better interest rates
- More equity from day one
PMI typically costs 0.5% to 1.5% of the loan amount per year until you reach 20% equity.