Down Payment Calculator
Enter the home price and down payment percentage to see the amount to save, the loan size and your monthly payment.
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Calculate the down payment, loan amount and monthly payment for a home purchase.
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How much down payment do you need for a house?
The down payment is the part of the home price you pay up front; the mortgage covers the rest. It is usually shown as a percentage of the price: 20% down on a $400,000 home is $80,000. A larger down payment means a smaller loan, a lower monthly payment and less interest over time. This calculator shows the down payment in dollars, the loan amount and the monthly principal and interest for your rate and term.
Example: $400,000 home, 6.5% rate, 30 years
| Down payment | Amount | Loan | Monthly P&I |
|---|---|---|---|
| 3% | $12,000 | $388,000 | $2,452 |
| 5% | $20,000 | $380,000 | $2,402 |
| 10% | $40,000 | $360,000 | $2,275 |
| 15% | $60,000 | $340,000 | $2,149 |
| 20% | $80,000 | $320,000 | $2,023 |
Is 20% required?
- Not always. Many loans allow much less than 20% down, depending on the loan program and your credit.
- PMI: on a conventional loan with less than 20% down you usually pay private mortgage insurance until you build enough equity.
- Other costs: closing costs, property tax and homeowners insurance are separate from the down payment and from the monthly principal and interest shown here.
Figures are estimates and not financial advice; your lender’s quote is what counts. See also the mortgage calculator and the mortgage affordability calculator.
How to use the down payment calculator
- Enter the home price and the down payment percentage.
- Enter the mortgage interest rate and the loan term.
- Read the down payment in dollars, the loan amount and the monthly principal and interest.
Frequently asked questions
How much is a 20% down payment on a $400,000 house?
20% of $400,000 is $80,000, which leaves a $320,000 loan. At 6.5% over 30 years the monthly principal and interest is about $2,023.
Do I need 20% down to buy a house?
No. Many loan programs allow less, but on a conventional loan with less than 20% down you usually pay private mortgage insurance.
What is PMI?
Private mortgage insurance protects the lender if you stop paying. It is usually added to your monthly payment until you have enough equity in the home.
Does a bigger down payment lower my monthly payment?
Yes. A bigger down payment means a smaller loan, so the monthly payment and the total interest are lower.
What costs come on top of the down payment?
Closing costs, and after purchase property tax and homeowners insurance. These are not included in the monthly principal and interest shown here.
Related tools: Mortgage calculator · Mortgage affordability calculator · Debt-to-income calculator