Down Payment Calculator
Calculate your down payment in three different ways. Find the right scenario for your home-buying journey.
Calculator UI
Affordable Home Price
$434,782.61
How to Use the Down Payment Calculator
This calculator offers three flexible ways to plan your home purchase. Choose the tab that best fits your situation:
- From Available Cash: Best if you have a set amount of savings. Enter your total cash, your desired down payment percentage, and loan details. The calculator will determine the maximum home price you can afford based on that cash.
- From Home Price: Ideal when you have a specific property in mind. Enter the home's price and your target down payment percentage to see exactly how much cash you'll need for both the down payment and closing costs.
- From Price & Cash: Use this when you know both the home price and how much cash you have. It will calculate what percentage your cash covers for a down payment after accounting for closing costs, helping you see if you meet lender requirements.
Frequently Asked Questions
How much down payment do I really need?
While 20% is the traditional benchmark to avoid Private Mortgage Insurance (PMI) on a conventional loan, it's not always required. Many loan programs, like FHA loans, allow for down payments as low as 3.5%, and some conventional loans permit 3-5% down. The right amount depends on your financial situation and the type of loan you qualify for.
What are closing costs?
Closing costs are fees paid at the end of a real estate transaction. They typically range from 2% to 5% of the home's purchase price and cover services like the loan origination, appraisal, title insurance, and property taxes. Our calculator allows you to include these for a more accurate estimate of total cash needed.
What is Private Mortgage Insurance (PMI)?
PMI is a type of mortgage insurance required by lenders for conventional loans with a down payment of less than 20%. It protects the lender if you default on your loan. Making a 20% down payment is the most common way to avoid this extra monthly cost.
Can I use gift money for a down payment?
Yes, most loan programs allow you to use money received as a gift for part or all of your down payment. However, you will typically need a formal 'gift letter' from the donor to document that the funds are a gift and not a loan that needs to be repaid.