How to use the Down Payment calculator
- Enter your numbers. Fill in home price, down payment goal, closing costs.
- Enter saving plan details. Fill in saved so far, monthly savings, savings APY, mortgage rate.
- Read your results. Results update instantly. The headline shows the cash needed at closing; the breakdown and table below show the details.
How much do you need?
Cash to close is your down payment plus closing costs (typically 2–5% of the price). The calculator also estimates how long it will take to get there with your current savings, monthly deposits and interest.
Minimum down payments by loan type
- Conventional: 3% for some first-time buyer programs; PMI applies below 20%.
- FHA: 3.5% with a 580+ score; MIP applies.
- VA and USDA: 0% for eligible borrowers.
Is 20% down necessary?
No, but it avoids PMI and lowers the payment. The table compares down payment levels so you can weigh a faster purchase against a higher monthly cost. State and local down payment assistance programs can help first-time buyers.
Worked example
With these inputs: home price $380,000; down payment goal 10%; closing costs 3%; saved so far $15,000; monthly savings $1,000; savings APY 4%; mortgage rate (for payment estimate) 6.5%.
The calculator gives a cash needed at closing of $49,400 ($38,000 down + $11,400 closing costs). Other results: time to save it 2 yr 8 mo, ready by Jun 2029, loan amount $342,000, P&I (30y) + est. PMI $2,304.17/mo.
What your results mean
Cash needed at closing is the total you must have ready. The time to save shows when you could realistically buy at your current savings pace.
Tips
- Budget 2–5% for closing costs on top of the down payment.
- Look up first-time buyer assistance in your state.
- Keep reserves after closing for repairs and emergencies.
Frequently asked questions
How much down payment for a $400,000 house?
3% is $12,000, 3.5% (FHA) is $14,000, 10% is $40,000 and 20% is $80,000, plus closing costs.
Is it better to put 20% down or keep cash?
Putting 20% down avoids PMI, but keeping an emergency fund matters more. PMI can be removed later once you reach 20% equity.
How much do first-time buyers usually put down?
Many put down well under 20%; 3–10% is common. Repeat buyers often put down more using equity from a previous home.
Can closing costs be covered by the seller?
Sometimes. Seller concessions are capped by loan type (for example, 3–9% on conventional loans and 6% on FHA).
Where should I keep my down payment savings?
In an FDIC-insured high-yield savings account or short-term CDs, not stocks, if you plan to buy within a few years.
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