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Down Payment Calculator

Find out how much cash you need upfront to buy a home — and how your down payment changes your loan amount, monthly payment, and PMI.

Home Details

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Your Estimate

Down Payment Needed

$80,000

20% of $400,000

Home Price$400,000
Loan Amount$320,000
Est. Monthly Payment$2,022.62
PMI RequiredNo

PMI typically applies below 20% down on conventional loans. Monthly payment estimate covers principal and interest only.

How Much Down Payment Do You Really Need?

👋 Simple Explanation

Your down payment is the slice of the home price you pay in cash upfront — the rest gets borrowed. The bigger that slice, the less you borrow, the lower your monthly payment, and the sooner you stop paying for mortgage insurance.

There's no single right answer — it depends on the loan program. Conventional loans allow as little as 3% down for qualified first-time buyers. FHA loans require 3.5% down. VA loans (for veterans) and USDA loans (for rural buyers) can require 0% down. The traditional benchmark of 20% down exists mainly to avoid PMI, not because it's required.

Down Payment Amount = Home Price × Down Payment %

The remainder — Home Price − Down Payment — becomes your loan amount, which determines your monthly principal and interest payment.

Down Payment by Loan Type

Conventional (3%–20%): Lower down payments are available, but anything below 20% requires PMI until you build enough equity.

FHA (3.5% minimum): Easier credit requirements (580+ score), but comes with upfront and ongoing mortgage insurance premiums (MIP).

VA (0% down): Available to eligible veterans and active-duty service members, with no PMI requirement regardless of down payment.

USDA (0% down): For eligible rural and suburban properties, aimed at low-to-moderate income buyers.

Down Payment Calculator — FAQ

How much down payment do I need for a house?
It depends on the loan type. Conventional loans allow as little as 3% down for first-time buyers. FHA loans require 3.5% down with a credit score of 580+. VA and USDA loans offer 0% down to eligible borrowers. A 20% down payment avoids Private Mortgage Insurance (PMI) on a conventional loan.
What is the minimum down payment for a conventional loan?
Most conventional loans require a minimum of 3% down for first-time homebuyers (5% for repeat buyers in some programs), provided you have a credit score of at least 620 and meet income requirements.
Does a 20% down payment avoid PMI?
Yes. Putting down 20% or more on a conventional loan eliminates the requirement for Private Mortgage Insurance, which typically costs 0.5%–1.5% of the loan amount per year. Below 20% down, lenders require PMI until you reach 20% equity.
What's the difference between FHA and conventional down payment requirements?
FHA loans require just 3.5% down with a credit score of 580+, but charge mortgage insurance premiums (MIP) for the life of the loan in most cases. Conventional loans can require as little as 3% down for qualified buyers, and PMI can be removed once you reach 20% equity.
Should I put more than 20% down?
A larger down payment lowers your loan amount, monthly payment, and total interest — but it also ties up more cash. Many financial planners recommend keeping an emergency fund intact rather than draining savings for a down payment well beyond 20%.

Down Payment Calculators by Home Price

Jump straight to a breakdown for a specific home price — down payment by percentage, loan amount, and PMI.

$200,000 House →$250,000 House →$300,000 House →$350,000 House →$400,000 House →$500,000 House →$600,000 House →$750,000 House →