Down Payment Calculator
Calculate the down payment amount, percentage, and PMI implications for any home price.
Inputs
Leave 0 to use the % above.
Down payment amount
—
Down payment %
—
Loan amount
—
Estimated PMI (monthly)
—
More needed to reach 20%
—
About Down Payment Calculator
Why 20% is the magic number
At 20%+ down, conventional loans skip PMI. The lender has enough equity buffer to absorb a downturn without forcing insurance on you. Below 20% you typically pay PMI until you reach 22% equity (then automatic removal under federal law).
Low-down options
FHA: 3.5% minimum (580+ credit), but with permanent mortgage insurance. VA: 0% for eligible veterans, no PMI. USDA: 0% for rural areas, no PMI. Conventional 97: 3% down, can remove PMI later.
Down payment sources
Savings, retirement (limited — Roth IRA contributions can be tapped; first-time buyers can pull $10k from a traditional IRA penalty-free). Gifts from family allowed with a letter. Many states have first-time buyer assistance programs.