Down Payment Calculator
Figure out how much you need to save and how different down payment amounts affect your mortgage.
20%+ down — no PMI required.
How Down Payment Affects Your Payment
Monthly payment (P&I + PMI) at each down payment level on a $350,000 home
Side-by-Side Comparison
| Down % | Down Payment | Loan | Monthly |
|---|---|---|---|
| 3.5% | $12,250 | $337,750 | $2,332 |
| 5% | $17,500 | $332,500 | $2,296 |
| 10% | $35,000 | $315,000 | $2,175 |
| 15% | $52,500 | $297,500 | $2,054 |
| 20%* | $70,000 | $280,000 | $1,770 |
| 25% | $87,500 | $262,500 | $1,659 |
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How to Use This Down Payment Calculator
This calculator answers three questions at once: how much cash you'll need at closing, how your down payment choice affects your monthly payment, and how long it'll take to save up.
- Set the home price — the price of the home you're targeting. Use the slider or type an exact number.
- Choose a down payment percentage — use the slider, type a custom value, or tap one of the quick-select buttons (3.5%, 5%, 10%, 15%, 20%, 25%). The calculator instantly shows how each level changes your payment and whether PMI kicks in.
- Enter your savings — current savings and how much you can put away each month. The progress bar and timeline show how far you are from your goal.
Scroll down to see the bar chart and comparison table showing all common down payment levels side by side. This makes it easy to weigh the trade-offs between saving more and buying sooner.
The Real Cost of a Smaller Down Payment
A smaller down payment gets you into a home faster, but it comes with trade-offs you should understand:
- PMI adds to your payment — below 20% down, lenders require private mortgage insurance, typically 0.5-1% of the loan per year. On a $300,000 loan, that's $125-$250/month you wouldn't pay with 20% down.
- More interest over time — a larger loan means more interest over 30 years. The difference between 5% and 20% down on a $400,000 home can mean $50,000+ in extra interest.
- Less equity buffer — if home values dip, a small down payment means you could owe more than the home is worth sooner.
That said, waiting years to hit 20% while rents keep climbing isn't always the right call either. Use the comparison table above to find the balance that works for your budget and timeline.
Saving Strategies That Actually Work
- Automate it — set up an automatic transfer to a separate savings account on payday. Money you don't see is money you don't spend.
- Use a high-yield savings account — park your down payment fund in an HYSA earning 4-5% instead of a regular checking account. On $50,000, that's $2,000-$2,500/year in free money.
- Cut one big expense — canceling a $200/month subscription or downgrading a car payment adds $2,400/year to your fund. Small changes compound faster than you'd think.
- Direct windfalls to savings — tax refunds, bonuses, and gifts can accelerate your timeline by months. Resist the urge to spend them.
- Explore assistance programs — many states and cities offer down payment assistance for first-time buyers. Check your local housing authority for grants and low-interest second mortgages.