Down Payment Calculator
Calculate how much you need for a down payment and how long it will take to save.
Result
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The Down Payment Calculator shows how much cash you need upfront to buy a home, including closing costs, and how long it will take to save. It helps first-time buyers understand the financial runway required and whether to aim for 20% down (no PMI) or a lower down payment with mortgage insurance.
Examples
20% Down on $350,000 Home
Down payment = $350,000 x 20% = $70,000. Closing costs (3%) = $10,500. Total needed = $80,500. Saving $1,500/month with $10,000 already saved: ($80,500 - $10,000) / $1,500 = 47 months (about 4 years).
FHA Loan (3.5% Down)
On a $300,000 home: $300,000 x 3.5% = $10,500 down payment. Plus ~$9,000 closing costs = $19,500 total. Much more accessible for first-time buyers, but requires mortgage insurance.
Frequently Asked Questions
What is the minimum down payment for a house?
It varies by loan type. FHA loans require 3.5%, conventional loans typically require 3-5% minimum, and VA/USDA loans may require 0% down for eligible borrowers.
What are closing costs?
Closing costs include lender fees, title insurance, appraisal fees, attorney fees, and prepaid items like taxes and insurance. They typically run 2-5% of the home price.
Should I put 20% down?
Putting 20% down avoids PMI and lowers your monthly payment, but it is not required. Weigh the benefits against the opportunity cost of tying up that cash.
Result
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Quick Tips
- •20% down avoids Private Mortgage Insurance (PMI), saving hundreds per month.
- •Closing costs are often negotiable. Ask the seller to contribute.
- •FHA loans allow as little as 3.5% down; conventional loans often require 5-20%.
- •Factor in an emergency fund beyond your down payment savings.
- •Consider a high-yield savings account to earn interest while saving.