Calculate your down payment, loan amount, cash to close and whether PMI applies
Down payment
80,000
20.0% of home price
Loan amount
320,000
Home price
400,000
Closing costs
12,000
Cash needed
92,000
Monthly payment (P&I)
1,918.56
With 20% or more down, you can usually avoid private mortgage insurance (PMI).
About Down Payments
Your down payment is the cash you pay upfront when buying a home; the rest is financed with a mortgage. It is usually quoted as a percentage of the home price, with 20% being the classic benchmark. Putting down at least 20% lets you avoid private mortgage insurance (PMI) and lowers your loan amount and monthly payment. Remember to budget for closing costs (typically 2-5% of the price) on top of the down payment - together they make up the total cash you need at closing.
What is a Down Payment Calculator?
A down payment calculator works out the cash you put toward a home purchase and how it shapes your mortgage. Enter the home price and your down payment as either a percentage or a dollar amount, and the tool returns your down payment, the loan amount you'll finance, your estimated monthly principal-and-interest payment, and the total cash you need at closing once closing costs are added. It also flags whether private mortgage insurance (PMI) is required - lenders generally require it when you put down less than 20%. A visual donut shows the split between your down payment and the loan, so you can quickly see how a larger down payment shrinks your borrowing.
How to Use
1. Enter the home price.
2. Set your down payment as a percentage or switch to a dollar amount.
3. Optionally add closing costs as a percentage of the price.
4. Enter the interest rate and loan term to estimate the monthly payment.
5. Read your down payment, loan amount, cash needed and the PMI status.
How It Works
Down payment = home price x down percent (or the amount you enter, converted to a percent). Loan amount = home price - down payment. Closing costs = home price x closing-cost percent. Cash needed at closing = down payment + closing costs. The monthly principal-and-interest payment uses the standard mortgage formula M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly rate (annual rate / 12) and n is the number of months. PMI is flagged when the down payment is below 20% of the price. For example, $80,000 down on a $400,000 home is 20% - no PMI - leaving a $320,000 loan.
Interpreting Results
The headline down payment and the cash-needed figure tell you how much you must save - remember cash to close includes closing costs (often 2-5% of the price) on top of the down payment. A down payment of 20% or more avoids PMI and lowers both your loan balance and monthly payment; below 20%, budget for PMI until you build enough equity. The donut shows your equity stake at purchase versus what you borrow. The monthly payment shown is principal and interest only; your real housing cost will also include property taxes, homeowners insurance and any PMI or HOA fees.
Frequently Asked Questions
How much should I put down on a house? ▾
A 20% down payment is the classic benchmark because it avoids private mortgage insurance and lowers your loan. Many buyers put down less - some loan programs allow 3-5% - but a smaller down payment means PMI and higher monthly payments. Choose what fits your savings and budget.
What is PMI and when is it required? ▾
Private mortgage insurance (PMI) protects the lender if you default. It's typically required on conventional loans when your down payment is less than 20% of the home price, and it adds to your monthly cost until you reach about 20% equity.
What's included in cash to close? ▾
Cash needed at closing is your down payment plus closing costs. Closing costs - lender fees, title, appraisal, taxes and more - typically run about 2-5% of the home price, so budget for them in addition to the down payment.
Does a bigger down payment lower my monthly payment? ▾
Yes. A larger down payment reduces the loan amount, which lowers your monthly principal-and-interest payment and the total interest paid over the loan. Reaching 20% also removes PMI, lowering the payment further.
Is the monthly payment shown my full housing cost? ▾
No. The calculator shows principal and interest only. Your full monthly housing cost also includes property taxes, homeowners insurance, any PMI, and HOA dues where applicable. Factor those in when budgeting.
This calculator provides general estimates for educational purposes only and is not financial or lending advice. Actual loan terms, rates, PMI, taxes and closing costs vary by lender and location. Consult a qualified mortgage professional before making a home-buying decision.