Down Payment Calculator
Buying a home takes more cash than the down payment alone: closing costs typically add another 2% to 5% of the price, and moving in costs money too. This adds those up into one number, shows how long it takes to save at your current rate, and works out what the down payment you choose does to the loan, the monthly payment, and whether private mortgage insurance applies.
- Accurate
- Real-time
- Easy to use
- 100% free
Cash needed up front
$75,000
Cash still to save
$55,000
Details
Updates as you typeReach 20% and private mortgage insurance drops away.
Lender fees, title, transfer taxes and prepaid escrow. Usually 2-5%.
Movers, immediate repairs, furnishings — cash you need that is not part of closing.
Summary
10% to 20% — PMI appliesCash needed up front
$75,000
Cash needed up front
$75,000
- Down payment$60,00080%
- Closing costs$12,00016%
- Moving & setup$3,0004%
- Down payment
- $60,000
- Cash still to save
- $55,000
- Time to save it
- 3 years 10 months
- Loan amount
- $340,000
- Monthly payment (P&I + PMI)
- $2,375.70
- Monthly PMI
- $226.67
- Closing costs are estimated as a share of the price. Lender fees, title insurance, transfer taxes and prepaid escrow vary by state; 2% to 5% is the usual band.
- Below 20% down you also pay private mortgage insurance, estimated here at 0.8%/yr of the loan. It normally comes off once you reach 20% equity.
- The monthly figure is principal, interest and PMI only. Property tax, homeowners insurance and HOA dues sit on top of it.
How this is calculated
- Home price
- $400,000
- Down payment share
- 15.00%
- Down payment
- $60,000
- Closing costs
- $12,000
- Moving & setup costs
- $3,000
- Cash needed up front
- $75,000
- Cash saved so far
- $20,000
- Share of the cash already saved
- 26.7%
- Cash still to save
- $55,000
- Saving per month
- $1,200
- Months of saving
- 46
- Amount borrowed
- $340,000
- Loan-to-value
- 85.0%
- Monthly rate
- 0.5417%
- Number of payments
- 360
- Principal & interest
- $2,149.03
- PMI
- $226.67
- Total monthly payment
- $2,375.70
- Total interest over the term
- $433,651
- Extra down payment to reach 20%
- $20,000
Months
Compare scenarios
See how one change moves the result
- CurrentYour inputs as they stand$75,000Current
- Home price$ 500,000$93,000
- Down payment% of price 19$91,000
- Closing costs% of price 3.8$78,200
For informational purposes only. This is not financial advice — confirm major decisions with a licensed advisor.
Frequently asked questions
How much do I actually need to buy a house?
More than the down payment. Closing costs — lender fees, title insurance, appraisal, transfer taxes and prepaid escrow — usually run 2% to 5% of the purchase price, and moving, immediate repairs and furnishing come out of the same pot. On a $400,000 home with 15% down, the down payment is $60,000 but the realistic cash requirement is closer to $75,000.
Do I have to put 20% down?
No. Conventional loans go down to 3%, FHA to 3.5%, and VA and USDA loans to zero for buyers who qualify. What 20% buys you is the end of private mortgage insurance: below that threshold lenders add roughly 0.5% to 1.5% of the loan per year until you reach 20% equity, which is why the calculator flags it separately.
Is it better to put down more, or keep the cash?
A larger down payment cuts the loan, the monthly payment and the total interest, and it removes PMI at 20%. But cash spent on a down payment is gone from your emergency fund, and lenders want to see reserves after closing. The usual advice is to keep three to six months of expenses liquid and put the rest down.
When does PMI actually come off?
On a conventional loan you can normally request cancellation once the balance reaches 80% of the original value, and the servicer must terminate it automatically at 78% based on the original amortization schedule. FHA loans are different: mortgage insurance usually runs for the life of the loan unless you put down 10% or more.
How long will it take me to save the down payment?
Divide what is still missing by what you set aside each month. The calculator does that from your current savings and monthly contribution and shows the crossing point on the chart. It deliberately assumes no investment return, because money needed within a few years usually should not be in the market.