Down Payment Calculator
Calculate required down payment for home purchase
About this calculator
A down payment calculator helps homebuyers determine the required upfront payment when purchasing a property. This essential tool calculates the exact amount you need to pay based on the home's purchase price and your chosen down payment percentage. Understanding your down payment requirements is crucial for budgeting, securing mortgage approval, and avoiding private mortgage insurance (PMI) costs. Whether you're a first-time buyer or experienced homeowner, this calculator ensures you're financially prepared for one of life's biggest investments.
How to use
Enter the home's purchase price and select your desired down payment percentage (typically 3-20%). The calculator will instantly display the required down payment amount and remaining loan balance. You can adjust the percentage to see how different down payment amounts affect your upfront costs and monthly mortgage payments.
Frequently asked questions
What's the minimum down payment required?
Minimum down payments vary by loan type: FHA loans require 3.5%, conventional loans typically 3-5%, while VA and USDA loans may require 0%.
Should I put down 20% to avoid PMI?
Putting down 20% eliminates private mortgage insurance, saving hundreds monthly. However, consider your cash flow needs and investment opportunities before deciding.
Can I use gift money for my down payment?
Yes, most lenders accept gift funds from family members for down payments, though documentation and gift letters are typically required.