What does Down Payment Calculator do?
Down payment calculator for US home buyers. Compare 3% to 20% down, loan amounts and mortgage insurance, and see how many months it takes to save.
- Price
- Free
- Account
- Not required
- Processing
- Entirely in your browser; your data and files are not uploaded
- Works on
- Any modern browser on desktop, tablet or phone
- Region
- United States (USD)
- Category
- Financial Calculators
How to use the down payment calculator
- Enter the price of the home you are aiming for and, if you like, your own down payment percentage.
- Optionally add a closing cost estimate so the savings target includes it.
- Enter what you have saved, how much you can save each month and any interest your savings earn.
- Compare the amount and time to save for each down payment, and whether mortgage insurance is likely.
Worked example
$400,000 home, $10,000 saved, $1,500 a month
A 3.5% down payment is $14,000, reached in 3 months. 10% is $40,000 (20 months) and 20% is $80,000, reached in 47 months (3 years 11 months) without interest. A 20% down payment usually avoids PMI on a conventional loan and means a $320,000 loan instead of $386,000 at 3.5% down.
How it works
Down payment = price × percentage; loan = price − down payment; LTV = 100% − down payment %. Amount to save = down payment + closing cost estimate (if entered). Months to save is the first month in which current savings, grown at the monthly rate (annual rate ÷ 12), plus monthly deposits made at the end of each month reach the target: n = ln((T·i + D) ÷ (S·i + D)) ÷ ln(1 + i), rounded up.
Assumptions
- The CFPB says that in most cases you need at least 3% down, and that putting down less than 20% usually means paying for mortgage insurance. FHA’s minimum is 3.5% with a 580+ credit score (HUD Handbook 4000.1). Checked on 6 October 2026.
- Mortgage insurance is shown as likely below 20% down on a conventional loan. FHA loans charge mortgage insurance at any down payment; VA loans have none.
- The savings rate and monthly amount are your inputs and are held constant.
Frequently asked questions
Do I need 20% down to buy a home?
No. Many loans allow 3% to 5% down, FHA allows 3.5% with a 580+ score, and VA and USDA loans can need none for eligible buyers. Below 20% on a conventional loan you will usually pay PMI.
What does a bigger down payment change?
A smaller loan, a lower monthly payment, less total interest, and on conventional loans no PMI at 20% or more. It also takes longer to save.
Should I also save for closing costs?
Yes. The CFPB says closing costs typically run 2% to 5% of the price, on top of the down payment. Add an estimate to include it in your target.
Limitations
- Does not check loan program eligibility or minimum credit scores.
- Savings returns are not guaranteed.