Down Payment Calculator
The down payment is only part of the cash you need at the closing table. This calculator adds closing costs, models your savings timeline, and stacks six common down-payment tiers side-by-side so you can see the trade-off between a bigger payment now and a smaller loan later — including when conventional PMI (private mortgage insurance) kicks in above 80% LTV (loan-to-value).
Purchase price of the home.
Percent of the home price you'd put down.
Annual rate on the loan.
Fixed-rate loan term.
Typically 2–5% of the home price.
What you've already set aside for the purchase.
Used to estimate how long until you reach the goal.
$70,000 down (20.0%) plus $10,500 in closing costs on a $350,000 home.
$80,500 cash needed to close
- Down payment
- $70,000
- Closing costs
- $10,500
- Loan amount
- $280,000
- LTV (loan-to-value)
- 80.0%
- Monthly payment
- $1,770 / mo
- Time to reach goal
- 5 yr 11 mo
Free during pilot
How your down payment shapes the loan
Down payment is your percent times the home price. Closing costs are a separate percent of the home price you pay at the closing table on top of the down payment. Together they make up the total cash needed:
Cash = (Home price × Down %) + (Home price × Closing %)
The loan amount is the home price minus the down payment. From that we run the standard amortization formula to get your monthly principal and interest. When the loan-to-value is above 80%, we add a placeholder PMI charge of 0.75% of the loan amount per year.
Savings timeline
Months to goal is the remaining cash gap (total needed minus current savings) divided by your monthly savings rate, rounded up. If you've already met the goal, it shows zero. If you haven't entered a monthly saving amount, we can't project a timeline.
Down-payment comparison
The table runs the same calculation at 3.5%, 5%, 10%, 15%, 20%, and 25% down so you can see the loan size and monthly payment shift in lockstep with how much cash you bring. The 20% line is where conventional PMI drops off.
Frequently asked questions
How much cash do I need to buy a house?
More than the down payment alone. Total cash to close is the down payment (home price × down %) plus closing costs — a separate percent of the home price, typically 2–5%. Enter both above to see the combined figure and a savings timeline.
When do I have to pay PMI?
On a conventional loan, private mortgage insurance is generally required when your down payment is under 20% — that is, a loan-to-value above 80%. This calculator models PMI at a placeholder 0.75% of the loan amount per year above 80% LTV; real PMI varies by credit score, LTV band, and insurer. FHA, VA, and USDA loans follow their own mortgage-insurance rules.
Is a bigger down payment always better?
A larger down payment means a smaller loan, a lower monthly payment, and no PMI at 20% down — but it ties up cash you might need for reserves or closing costs. The comparison table runs 3.5%, 5%, 10%, 15%, 20%, and 25% down on the same home so you can weigh the trade-off directly.
How long will it take to save my down payment?
The estimate divides the remaining cash gap (total needed minus current savings) by your monthly savings rate, rounded up to the next whole month. Enter what you have set aside and what you save each month to see the timeline.
Estimates only — not a lending or affordability decision. PMI (private mortgage insurance) is modeled at a flat 0.75% annual rate above 80% LTV; real PMI varies materially by credit score, LTV band, and insurer, and can be lower or higher than this placeholder. Closing costs are a flat percentage input — actual closing costs vary by state and often include transfer or recording taxes, title insurance, and lender fees that don't scale linearly with home price. FHA, VA, and USDA loans have their own mortgage-insurance rules not modeled here. Methodology last reviewed: May 26, 2026.