Down Payment Calculator
Calculate your required down payment and see if PMI will be required.
Down Payment Amount
$80,000
Loan Amount
$320,000
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What it does: Calculates your down payment amount based on home price and percentage, and shows whether PMI will be required.
When to use: Use this when you are deciding how much to put down or comparing different down payment percentages and their PMI implications.
How to use: Enter the home price and your desired down payment percentage. The calculator shows the dollar amount, the resulting loan amount, and whether PMI is required.
Key Inputs Explained
Worked Example
On a $400,000 home with 10% down: Down payment = $40,000, Loan amount = $360,000, PMI required (below 20%). At 20% down ($80,000): Loan = $320,000, No PMI required.
Assumptions & limitations: PMI is required on conventional loans when down payment is below 20%. FHA loans require 3.5% down with mortgage insurance. VA and USDA loans allow 0% down with no PMI.
Calculator FAQs
Is 20% down always required?
No. Conventional loans allow as little as 3% down. FHA requires 3.5%. VA and USDA allow 0%. However, 20% down eliminates PMI on conventional loans, saving $100-$300+/month.
What is the minimum down payment for a conventional loan?
3% for first-time homebuyers, 5% for repeat buyers. A credit score of 620+ is typically required.
How does my down payment affect my monthly payment?
A larger down payment means a smaller loan, which means lower monthly principal and interest. It also may eliminate PMI, further reducing your payment.
Can I use gift funds for my down payment?
Yes. Most loan programs allow gift funds from family members with a signed gift letter. See our guide on gift funds for details.