Down Payment Calculator – Estimate Your Upfront Cost
See how much you need to save for a down payment and how it affects your loan.
About the Down Payment Calculator
What is the Down Payment Calculator?
A down payment calculator works out how much cash you need up front for a home and how long it will take to save it.
Why use this calculator?
The down payment is the biggest barrier to homeownership for many buyers. A larger down payment lowers your loan, your monthly payment and may let you avoid mortgage insurance.
How to use it
- Enter the home price you are targeting.
- Choose your target down payment percentage.
- Enter your current savings and how much you can save monthly.
- See the amount needed and the time to reach it.
Formula
Down payment = Price × percentage; months to save = (needed − savings) ÷ monthly savings
Many loans allow as little as 3% to 5% down, but less than 20% usually means paying private mortgage insurance.
Frequently Asked Questions
How much should I put down?
Twenty percent avoids mortgage insurance and lowers your payment, but if that takes years it may be worth buying sooner with less down and paying PMI.
What other costs should I budget for?
Closing costs are typically 2% to 5% of the price. You should also keep an emergency fund separate from your down payment.
What is included in a monthly mortgage payment?
Most payments combine principal, interest, property taxes and homeowners insurance (often called PITI). Some loans also include private mortgage insurance (PMI).
What is PMI and when can I drop it?
Private mortgage insurance is usually required when your down payment is under 20%. You can typically request removal once you reach 20% equity.
Fixed versus adjustable rate — which is better?
A fixed rate keeps the same interest rate for the whole term, giving predictable payments. An adjustable rate starts lower but can rise after the initial period.
How much house can I afford?
A common guideline is that housing costs stay below 28% of gross monthly income and total debt below 36%, though lenders and budgets vary.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on self-reported data. Pre-approval is a verified commitment after a lender reviews your finances.
Is this calculator free to use?
Yes. Every calculator on this site is completely free, with no hidden fees, no subscriptions and no limits on how many times you can use it.
How accurate are the results?
We use standard, widely accepted formulas and calculate in your browser using double-precision arithmetic. Results are rounded for readability, so treat them as reliable estimates rather than a guarantee. Real-world factors can vary the true figure.
Can I add this calculator to my own website?
Yes. Open this calculator page and use the "Add to your website" box in the sidebar to copy a ready-made iframe snippet, then paste it into any HTML page.