Down Payment Calculator
Home & Down Payment
Calculation Results
| Purchase Price | — |
|---|---|
| Loan Amount | — |
| Down Payment Amount | — |
| Closing Costs Amount | — |
| Upfront Cash Needed | — |
| Monthly Principal & Interest Payment | — |
| Total Interest Paid | — |
| Total Payments | — |
Visual Breakdown
Enter values and press Calculate to see the loan breakdown pie chart and balance path line chart.
The Importance of a Mortgage Down Payment
Your **down payment** is the upfront cash amount you pay toward the purchase of a home. The remaining purchase balance is funded by your mortgage lender.
Down Payment Thresholds & PMI
The size of your down payment determines your Loan-to-Value (LTV) ratio and dictates loan eligibility:
- **3.0% Down:** The minimum down payment permitted for many conventional loans (for first-time buyers). Private Mortgage Insurance (PMI) is required.
- **3.5% Down:** The minimum down payment permitted for FHA loans. Mortgage Insurance Premium (MIP) is required.
- **20.0% Down:** The key threshold for conventional loans. At 20% down, you have 80% LTV, which **eliminates the requirement for Private Mortgage Insurance (PMI)**, saving you hundreds of dollars monthly.
Disclaimer. This calculator is for informational purposes only. Specific minimum down payment rules depend on your lender's guidelines, credit score, and chosen mortgage product (Conventional, FHA, VA, or USDA).