Down Payment Calculator
See how different down payment amounts affect your monthly payment and plan your savings goal.
Your Savings Plan
How much you've saved for a down payment
How much you can save each month
Your Down Payment Progress
Progress to 20% Down
$30,000 / $80,000
38%
You still need $50,000 more
Compare Down Payment Scenarios
| Down Payment | Amount | Monthly P&I | PMI | Time to Save |
|---|---|---|---|---|
3.5% 3.5% (FHA minimum) | $14,000 | $2,314.27 | +$225.17 | Ready |
5% 5% (Conventional minimum) | $20,000 | $2,278.29 | +$221.67 | Ready |
10% 10% | $40,000 | $2,158.38 | +$210.00 | 10m |
20%No PMI 20% (No PMI) | $80,000 | $1,918.56 | $0 | 4y 2m |
About Private Mortgage Insurance (PMI)
PMI is required when you put down less than 20%. It protects the lender if you default. The good news: you can request PMI removal once you reach 20% equity in your home. PMI typically costs 0.5-1% of the loan amount annually.
20% Down = No PMI
$80,000
Eliminates mortgage insurance
3.5% FHA Minimum
$14,000
Lowest down payment option
Down payment: $80,000 · Payment: $1,918.56/mo
Your down payment affects your rate and monthly payment. See actual offers from lenders for your scenario.
Disclaimer: Monthly payments shown include principal, interest, and PMI (if applicable). Property taxes and insurance are not included. Actual PMI rates vary by lender and credit score.
Frequently Asked Questions
How much should I put down on a house?
20% down eliminates PMI and gives you lower monthly payments, but it is not required. FHA loans allow 3.5% down, and some conventional loans accept 3% down. Consider your savings, monthly budget, and how long you plan to stay.
Can I buy a house with 3% down?
Yes, several loan programs allow 3% down for qualified buyers. Fannie Mae HomeReady and Freddie Mac Home Possible programs are designed for low-down-payment purchases. FHA loans require 3.5% down with a 580+ credit score.
How does down payment affect PMI?
Lower down payments mean higher PMI rates and longer PMI duration. With 3% down, you might pay 1%+ in PMI annually. At 10% down, PMI drops to around 0.5%. At 20%+ down, PMI is not required at all.
Is 20% down payment necessary?
No, 20% down is not necessary to buy a home. It eliminates PMI and reduces your loan amount, but many buyers purchase with 3-10% down. The right amount depends on your financial situation and local market conditions.