Finance category
Mortgage, loan, investing, tax, and money calculators.
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.
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
EveryCalc calculators are designed for fast, practical estimates with transparent inputs and no required account. We use plain formulas, visible assumptions, and related tools so visitors can check the result from more than one angle.
Results are informational only. For financial, tax, legal, medical, construction, or other high-impact decisions, verify the output against primary sources or a qualified professional.
Learn more about our review process on the EveryCalc methodology page.
Calculation notes and example
Down payment formulas used here
Down payment equals purchase price × down payment percentage. Cash needed is broader: down payment plus closing costs, prepaid items, initial escrow deposits, moving costs, and reserves. The calculator compares common down payment levels so you can see how cash due, loan amount, PMI, and monthly payment move together rather than focusing only on the headline percentage.
Worked example
On a $500,000 home, 5% down is $25,000 and 20% down is $100,000. The smaller down payment preserves $75,000 of cash but creates a larger loan and may add PMI. If closing costs are 3%, another $15,000 may be due before reserves. Use this with the mortgage calculator for payment impact and with closing cost estimates so the savings target is realistic.
Edge cases and practical tips
- The largest down payment is not always best if it drains emergency reserves.
- PMI may be acceptable when buying sooner is more valuable than waiting for 20% down.
- Gift funds, grants, and seller credits can change cash-to-close but may have documentation rules.
Useful companion tools: Mortgage Calculator, Closing Cost Calculator, PMI Calculator, and Down Payment vs PMI Calculator.
How to interpret the down payment result
Best use
Use the result as a planning number for comparing payments, rates, returns, tax reserves, or cash-flow choices before you request a quote or make a commitment.
Cross-check
Compare the answer with the contract, lender estimate, tax form, brokerage statement, payroll record, or invoice that will control the real-world outcome.
Watch for
Do not rely on a single optimistic rate, return, or fee assumption. Money pages work best when you run low, base, and high cases and keep professional advice separate from the estimate.
This page belongs to the Finance calculator library, so the answer should be read in the context of the decision you are modeling rather than as a universal rule.
Before relying on this down payment estimate
Most calculator mistakes come from the inputs, not the arithmetic. Use this short audit before you reuse the answer in a spreadsheet, quote, application, or important conversation.
Confirm source numbers
Match balances, rates, fees, taxes, income, and payment dates against the lender quote, payroll record, tax form, statement, invoice, or contract.
Separate cash flow from total cost
A lower monthly payment can still cost more over time if fees, interest, taxes, or a longer term are hidden in the structure.
Run conservative cases
Test at least one higher-cost or lower-return case before using the output for a purchase, refinance, investment, loan, or tax decision.
Rerun this page when the rate, price, term, fee, tax rule, income, expense, or expected holding period changes.
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.
Related Calculators
More tools for this decision
More Finance Calculators
Browse all finance →AI Cost Calculator
Compare token costs across OpenAI, Anthropic, and Google AI models. Calculate monthly API spending for GPT-4o, Claude, Gemini, and more.
Tip Calculator
Calculate the perfect tip and split the bill between friends. Choose preset percentages or enter a custom tip amount.
Bill Splitter Calculator
Split an uneven restaurant bill by item, divide tax and tip proportionally, and see exactly who owes whom.
Discount Calculator
Calculate sale price, discount amount, stacked discounts, sales tax, and total savings for any markdown.
Gas Mileage Calculator
Calculate MPG or km/L, estimate trip fuel cost, and compare annual fuel expenses between two vehicles.
Sales Tax Calculator
Add sales tax to a price, reverse-calculate the pre-tax amount from a total, and estimate tax for multiple items on one receipt.
Keep exploring