Down Payment Calculator: How Much Do You Need?

Find out how much you may need to put down when buying a home with this Down Payment Calculator. Enter your target home price and down payment percentage to estimate your upfront contribution and the remaining mortgage amount. Comparing different percentages can help you understand how much you need to save before purchasing a property.

Your down payment affects how much you borrow, your monthly mortgage payments, and potentially whether mortgage insurance is required. Planning ahead can help you set a realistic savings goal while keeping enough money available for closing costs and other home-buying expenses.

Enter the estimated purchase price of the home and the percentage you plan to pay upfront. The calculator will estimate your down payment amount and the remaining loan balance.

Try different percentages to see how increasing your down payment changes the amount you need to borrow. For example, compare a 5%, 10%, and 20% down payment to understand the difference in your upfront savings and potential mortgage amount.

The right down payment depends on the property’s price, your savings, mortgage eligibility, and the loan options available to you. A larger down payment generally reduces the amount you borrow and may lower your monthly mortgage payment.

However, putting every available dollar toward the purchase can leave you short of money for closing costs, moving expenses, repairs, and emergencies. Consider your overall financial position before choosing a target percentage.

Different down payment percentages can produce significantly different mortgage balances. On a $400,000 home, a 5% down payment is $20,000, a 10% down payment is $40,000, and a 20% down payment is $80,000.

The remaining loan amounts would be $380,000, $360,000, and $320,000, respectively, before other adjustments. Use the calculator to compare these scenarios with your own target property price and decide which savings goal is realistic.

In the United States, a conventional mortgage with a down payment below 20% will often require private mortgage insurance (PMI), although requirements depend on the loan program and lender. Reaching 20% down may help eligible borrowers avoid PMI.

Other mortgage programs have different rules. For example, FHA loans have their own mortgage insurance requirements, while eligible VA and USDA loans follow separate guidelines. Confirm the requirements for the specific mortgage you plan to use rather than relying on the down payment percentage alone.

Setting a clear savings target can make preparing to buy a home more manageable. Start by estimating the down payment you need, then divide the amount by the number of months in which you want to save it.

You may be able to build your savings by automating regular transfers, reviewing recurring expenses, directing bonuses toward your goal, or extending your savings timeline. Remember to budget separately for closing costs and maintain an emergency fund so that buying a home does not leave your finances stretched.

Your mortgage amount is generally the purchase price minus your down payment, before accounting for other financing adjustments. Borrowing less can reduce the principal on which interest is charged, although your actual monthly payment will also depend on your interest rate, mortgage term, taxes, insurance, and other costs.

Once you have estimated your down payment, use our Mortgage Calculator to explore potential monthly payments. You can also use the Mortgage Affordability Calculator to assess a home price against your budget.

This calculator provides a basic estimate using the home price and down payment percentage you enter. It does not calculate mortgage interest, taxes, closing costs, lender fees, or mortgage insurance premiums.

The 20% PMI guidance applies primarily to eligible US conventional mortgages and should not be assumed to apply to every loan type or country. Mortgage insurance rules differ by lender, loan program, and location. Check the requirements for your intended mortgage before finalising your savings target.