Down Payment Calculator

Estimate how much cash you need upfront to buy a home, including your down payment, closing costs, possible PMI, and how long it may take to save the difference.

Home Price

Current Savings

Desired Down Payment

10%

Monthly Savings

Closing Costs Estimate (3.0%)

Most buyers should plan for roughly 2% to 5% of the purchase price.

Down Payment Needed

$45,000

Closing Costs Estimate

$13,500

Total Cash Needed at Closing

$58,500

Current Savings

$25,000

Savings Gap

$33,500

Months Until You Can Afford It

23 months

PMI Check

If you put down less than 20%, most lenders require private mortgage insurance.

Estimated Monthly PMI

$253.13

Based on a 0.75% annual PMI rate and a 10% down payment.

Monthly Payment Impact

Based on a 30-year mortgage at 6.75% interest. PMI is included when applicable.

5% down

Cash down: $22,500
Mortgage payment: $2,772.76
Estimated PMI: $267.19
Total monthly: $3,039.94

10% down

Selected

Cash down: $45,000
Mortgage payment: $2,626.82
Estimated PMI: $253.13
Total monthly: $2,879.95

20% down

Cash down: $90,000
Mortgage payment: $2,334.95
Estimated PMI: $0.00
Total monthly: $2,334.95

How to Use

Enter the home price you are targeting and choose a down payment percentage using the quick buttons or slider.
Add your current savings and monthly savings amount to see your gap and how many months it may take to reach your goal.
Adjust the closing cost estimate between 2% and 5% to reflect your market or lender quote.
Review the PMI estimate and compare how 5%, 10%, and 20% down can change your monthly mortgage payment.

Frequently Asked Questions

How much should I put down on a house?

A common target is 20% because it often avoids PMI, but many buyers purchase with 3% to 10% down. The right amount depends on your loan program, cash reserves, monthly budget, and how soon you want to buy.

What is PMI and when do I have to pay it?

PMI stands for private mortgage insurance. Conventional lenders usually require it when your down payment is less than 20%. It is typically added to your monthly payment until you reach enough equity to remove it.

How much are closing costs?

Closing costs often land between 2% and 5% of the purchase price. They may include lender fees, title insurance, prepaid taxes, escrow funding, appraisal fees, and other local charges.

Does a bigger down payment always mean a better deal?

Not always. A larger down payment lowers your loan amount and may remove PMI, but it also ties up more cash. Many buyers balance a lower payment against keeping enough money for emergencies, moving costs, and repairs.