Down Payment Calculator
Free down payment calculator. Calculate down payment by percentage, estimate closing costs, and plan your savings timeline for home purchase.
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Typically 2-5% of home price
$80,000
20% of home price
$12,000
3% estimate
$92,000
Down + Closing
$320,000
80% financed
Down Payment Options for $400,000
| Down % | Down Payment | + Closing | Loan Amount | PMI? |
|---|---|---|---|---|
| 3%FHA/Conv. min | $12,000 | $24,000 | $388,000 | Yes |
| 3.5%FHA minimum | $14,000 | $26,000 | $386,000 | Yes |
| 5%Conv. minimum | $20,000 | $32,000 | $380,000 | Yes |
| 10%Lower PMI | $40,000 | $52,000 | $360,000 | Yes |
| 20%No PMI | $80,000 | $92,000 | $320,000 | No |
| 25%Better rates | $100,000 | $112,000 | $300,000 | No |
20% Down Payment by Home Price
| Home Price | Down Payment | + Closing (~3%) | Total Cash |
|---|---|---|---|
| $250,000 | $50,000 | $7,500 | $57,500 |
| $350,000 | $70,000 | $10,500 | $80,500 |
| $450,000 | $90,000 | $13,500 | $103,500 |
| $550,000 | $110,000 | $16,500 | $126,500 |
| $750,000 | $150,000 | $22,500 | $172,500 |
| $1,000,000 | $200,000 | $30,000 | $230,000 |
Down Payment Tips
- 20% down: Avoids PMI and gets better rates
- First-time buyers: May qualify for 3-3.5% down (FHA)
- Gift funds: Many lenders allow down payment gifts from family
- Down payment assistance: Check state/local programs
- VA loans: 0% down for eligible veterans
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Last updated: January 2026
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Frequently Asked Questions
How much should I put down on a house?
20% is ideal because it avoids PMI and gets better rates. However, many buyers put down 3-10%. On a $400,000 home: 3% = $12,000, 10% = $40,000, 20% = $80,000. Lower down payments mean higher monthly costs due to PMI ($100-300/month) and larger loan amounts.
What is PMI and how can I avoid it?
PMI (Private Mortgage Insurance) protects the lender if you default. It's required with less than 20% down, costing 0.5-1% of the loan annually ($100-400/month on a $300,000 loan). Avoid it by: putting 20% down, using a VA loan (0% down, no PMI), or requesting removal once you have 20% equity.
How do I save for a down payment faster?
Automate savings to a high-yield account (4-5% APY). Cut major expenses temporarily (downsize apartment, reduce car payment). Use windfalls (tax refunds, bonuses). Consider down payment assistance programs—many states offer grants or low-interest loans for first-time buyers.
What are closing costs and how much should I expect?
Closing costs are fees for finalizing the mortgage: appraisal, title insurance, attorney fees, origination fees, prepaid taxes/insurance. Expect 2-5% of the home price. On a $400,000 home, budget $8,000-$20,000. Some costs are negotiable, and sellers sometimes contribute toward closing costs.
Can I use gift money for a down payment?
Yes, most loan types allow gift funds from family members. FHA, VA, and USDA loans allow 100% gift down payments. Conventional loans may require you to contribute some of your own funds. You'll need a gift letter stating the money is a gift, not a loan, and documentation of the transfer.