Down Payment Calculator
Calculate how much down payment you need, compare PMI costs, and see how long it takes to save.
Down Payment Details
Savings Timeline
Down Payment Needed
Total Cash Needed
Savings Timeline
Compare Down Payment Options
| Down % | Amount | Payment | PMI |
|---|---|---|---|
| 3% | $10,500 | $2259 | $198 |
| 5% | $17,500 | $2212 | $194 |
| 10% | $35,000 | $2096 | $184 |
| 15% | $52,500 | $1979 | $174 |
| 20%No PMI | $70,000 | $1863 | - |
| 25%No PMI | $87,500 | $1746 | - |
Down Payment Calculator Guide
A down payment calculator compares how different upfront payments affect loan amount, monthly mortgage payment, PMI, interest cost, and time needed to save. The right down payment is not always the biggest one. It is the amount that lowers borrowing cost while still leaving cash for closing, repairs, and emergencies.
| Down payment | Possible benefit | Planning caution |
|---|---|---|
| 3% to 5% | Buy sooner with less cash | Often includes PMI and higher monthly payment |
| 10% | Smaller loan than minimum-down options | May still require PMI |
| 20% | Often avoids PMI on conventional loans | Can drain savings if forced |
| 25%+ | Lower payment and stronger equity | Cash may be better kept for liquidity |
How to Use This Calculator
- Enter the home price. Use your target purchase price.
- Choose a down payment percentage. Compare 3%, 5%, 10%, 20%, and higher.
- Add mortgage assumptions. Rate and term affect the monthly payment.
- Enter savings details. Current savings and monthly savings estimate your timeline.
- Compare scenarios. Look at PMI, loan amount, and cash left after closing.
Down Payment Formula
The core calculation is simple: multiply the home price by the down payment percentage. The broader decision is about payment comfort and cash reserves.
Down Payment
Where:
- Home Price= Expected purchase price
- Down Payment Percentage= Percent of price paid upfront
Cash Reserves Matter
Do not judge a down payment only by the mortgage payment. New homeowners often need cash for closing costs, moving, repairs, furniture, insurance deductibles, and the first unexpected problem. A slightly smaller down payment can be healthier if it preserves a real emergency fund.
Worked Examples
Compare 10% and 20% Down
Problem:
A buyer is considering a $400,000 home.
Solution Steps:
- 110% down: $400,000 x 10% = $40,000
- 220% down: $400,000 x 20% = $80,000
- 3Difference in cash needed: $40,000
- 420% down lowers the loan and may avoid PMI, but requires much more cash upfront.
Result:
The better option depends on monthly comfort and whether the buyer still has cash after closing.
Savings Timeline
Problem:
A buyer needs $60,000 down, already has $18,000 saved, and can save $1,500 per month.
Solution Steps:
- 1Remaining savings needed: $60,000 - $18,000 = $42,000
- 2Months needed: $42,000 / $1,500 = 28 months
Result:
At that pace, the down payment target takes about 28 months, before accounting for closing costs.
Tips & Best Practices
- βPlan closing costs separately from the down payment.
- βCompare PMI cost against the benefit of buying sooner.
- βKeep an emergency fund after closing.
- βAsk lenders about down payment assistance if eligible.
- βUse realistic savings numbers, not best-case monthly savings.
Frequently Asked Questions
Sources & References
Last updated: 2026-05-20
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Editorial Note
MyCalcBuddy Editorial Team
This page is maintained as an educational calculator reference.
Formula Source: Standard Mathematical References
by Various