Down Payment Calculator
See how a target down payment changes both the cash you need upfront and the monthly housing cost that follows.
Calculator
Down Payment Calculator
Enter the target purchase price of the home.
Use the percentage of the purchase price you want to put down.
Enter the estimated annual mortgage rate.
Use the estimated closing costs as a percentage of the purchase price if you want a cash-to-close estimate.
Use zero if you only want a principal-and-interest estimate.
Use zero if you only want a principal-and-interest estimate.
Use zero if PMI would not apply. Enter the annual PMI rate as a percent of the loan amount.
Set this to zero if the home would not have HOA dues.
Thirty-year loans are common, but shorter terms reduce interest.
Example values are loaded.
Result
Your result
Putting 20% down on a $425,000.00 home means bringing about $97,750.00 to close on these assumptions.
Down payment
$85,000.00
Loan amount
$340,000.00
Monthly principal and interest
$2,205.23
Total monthly housing cost
$2,205.23
Financing snapshot
Monthly housing cost
Next steps
Compare before you move on
Most people use one calculator to answer the first question and a related tool to pressure-test the decision.
Borrowing
Mortgage Calculator
Estimate monthly mortgage payments with principal, interest, taxes, insurance, PMI, HOA, and other recurring housing costs included.
Borrowing
Home Affordability Calculator
Estimate the home price your monthly housing budget could support after down payment, taxes, insurance, HOA, optional PMI, other recurring housing costs, and estimated closing cash.
Savings
Down Payment Savings Calculator
Calculate how long it could take to fully fund down payment savings with your current balance, monthly savings, and expected growth.
What this calculator shows
A down payment affects both how much cash you need upfront and how much you end up financing into the mortgage.
It helps when you want to compare common target levels like 5%, 10%, and 20% before you settle on a home-shopping budget or estimate cash to close.
How to use it
- 1. Enter the home price you are planning around.
- 2. Choose the down payment percentage you want to test.
- 3. Add the mortgage rate and term, then include optional closing costs, taxes, insurance, PMI, and HOA if you want a fuller upfront-cash and monthly-cost estimate.
Formula and assumptions
Down payment amount = home price x down payment rate.
Loan amount = home price - down payment, principal plus interest uses a standard amortized payment formula, and cash to close adds estimated closing costs to the down payment.
How to read this result
Look at the down payment and total cash needed together. A percentage can feel manageable until closing costs turn it into a much larger cash target.
This result is most useful when you compare at least two rates or two down-payment levels side by side. The tradeoff is really between upfront cash, loan size, and ongoing monthly cost.
If the cash-to-close number is the blocker, the next move is usually down-payment savings or affordability planning rather than stretching the mortgage later.
Common mistakes
Thinking the down payment is the full upfront requirement. Closing costs can add a meaningful second layer of cash needed.
Ignoring PMI when testing a low-down-payment purchase. The monthly housing cost can look better than reality if PMI is left out.
Chasing 20% automatically even when it delays the purchase for too long. The right down payment level depends on cash reserves, timeline, and monthly payment tolerance together.
Notes
Maintenance, utilities, transfer taxes outside the closing-cost estimate, and lender-specific fees are still not fully modeled here.
Worked example
A $425,000 home with 20% down creates a common planning benchmark for both cash needed and remaining loan size.
This example uses the default sample inputs loaded on reset. It does not update with the live calculator entries above.
Down payment
$85,000.00
Loan amount
$340,000.00
Monthly principal and interest
$2,205.23
Total monthly housing cost
$2,205.23
Feedback
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Report confusing fields, broken math, or missing assumptions with the exact inputs you used so the issue can be reproduced.
FAQ
FAQ
Why does a larger down payment help so much?
A larger down payment reduces the loan balance, which lowers both the monthly payment and the total interest paid over time.
FAQ
Does this show PMI?
Yes. If you enter a PMI rate and put less than 20% down, the calculator adds the monthly PMI estimate to the total housing cost.