Down Payment Calculator
See how your down payment changes loan size, PMI, and monthly cost.
Quick answer
The down payment is the cash you pay upfront; the rest is financed. On a conventional mortgage, putting 20% down typically avoids private mortgage insurance (PMI). Smaller down payments are allowed but usually add PMI until you reach about 20% equity.
Down payment needed
$80,000
Loan amount
$320,000
PMI
Not required
Closing costs (est. 2–5%)
$8,000–$20,000
How much is enough
20% down avoids private mortgage insurance and gets the best rates, but it isn't a legal minimum: conventional loans go to 3% down, FHA to 3.5%, and VA/USDA to 0% for those who qualify. PMI on a low-down loan runs roughly 0.3–1.5% of the balance yearly until you reach 20% equity.
Don't forget cash at closing
Beyond the down payment, budget 2–5% of the price for closing costs, plus moving and immediate repairs. Draining every dollar into the down payment leaves no buffer — most lenders like to see reserves of 2–6 months of payments.
Frequently asked questions
- How does the Down Payment Calculator work?
- The down payment is the cash you pay upfront; the rest is financed. On a conventional mortgage, putting 20% down typically avoids private mortgage insurance (PMI). Smaller down payments are allowed but usually add PMI until you reach about 20% equity.
- Is the Down Payment Calculator free to use?
- Yes. The Down Payment Calculator is completely free, runs entirely in your browser, and requires no account or sign-up. Your inputs never leave your device.
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