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Calculate down payment, monthly payments, and PMI costs. Get a personalized savings plan with timeline to reach your homeownership goal.
A down payment is the upfront cash you pay when purchasing a home, expressed as a percentage of the total purchase price. For example, on a $300,000 home with a 10% down payment, you'd pay $30,000 upfront and finance the remaining $270,000 through a mortgage loan.
The down payment serves multiple purposes: it reduces your loan amount (and monthly payments), demonstrates financial responsibility to lenders, builds immediate equity in your home, and can help you avoid private mortgage insurance (PMI) if you put down 20% or more.
Month-by-month timeline with compound interest
Calculate PMI costs and savings at 20% down
Compare Conventional, FHA, VA, and USDA loans
View multiple down payment options side-by-side
Input your target home price and desired down payment (as percentage or dollar amount). Use quick preset buttons for common amounts: 3%, 5%, 10%, or 20%.
Enter interest rate, loan term (15 or 30 years), and additional costs like property taxes, insurance, and HOA fees. The calculator will show your complete monthly payment breakdown including PMI if applicable.
Add closing costs (typically 2-5% of home price) to see total cash needed at purchase. Include your current savings and monthly savings goal for timeline planning.
View your complete cost breakdown, monthly payment, and month-by-month savings timeline showing when you'll reach your goal, including interest earned.
PMI is insurance that protects the lender if you default on your loan. It's required on conventional loans when you put down less than 20%.
Cost Range:
0.3% - 1.5% of loan amount annually
Example: $300,000 loan
PMI Required:
No PMI:
Removal: PMI automatically terminates at 78% LTV (22% equity).
Use high-yield savings accounts that offer 4-5% APY. Significantly faster growth than traditional banks.
Set up automatic transfers to make saving effortless and consistent. "Pay yourself first" strategy.
Cut unnecessary spending and redirect those funds to your down payment savings.
Boost your savings rate by increasing your income through side hustles or career advancement.
Save 100% of windfalls and unexpected income toward your down payment:
Tax Refunds
Average $3,000
Work Bonuses
Annual or performance
Gifts
Birthdays, holidays
Calculate your complete mortgage payment
Calculate Now →See how much house you can afford
Calculate Now →Calculate FHA loan with 3.5% down
Calculate Now →Calculate 0% down VA loan
Calculate Now →Calculate refinancing savings
Calculate Now →Calculate true cost of your loan
Calculate Now →Our down payment calculator uses industry-standard formulas. For more information about homebuying and down payment guidance, consult these authoritative sources:
Official homebuying process and down payment guidance
FHA loans and down payment assistance
0% down loans for eligible veterans
0% down loans for rural properties
Conventional loan requirements and programs
Find down payment assistance programs in your area
Month-by-month plan showing exactly when you'll reach your goal with compound interest
See total PMI costs and compare savings from reaching 20% down payment
Compare Conventional, FHA, VA, and USDA loans side-by-side instantly
View 6+ down payment options (3%, 5%, 10%, 15%, 20%, 25%) simultaneously
Complete breakdown including down payment, closing costs, and prepaids
Perfect experience on all devices - phone, tablet, and desktop
One-click buttons for common down payment percentages (3%, 5%, 10%, 20%)
Built-in comprehensive guide with strategies and tips for saving
Detailed information on using gift money for your down payment