Skip to content
TotalMonthly

Down Payment Calculator

Compare common down payment levels for your target price: what each costs, how long it takes to save at your pace, and what it does to the monthly payment.
  • Free, no sign-up
  • Your inputs stay in your browser

Interest earned on your savings. Enter 0 to ignore.

Time to reach 20% down

3 years 1 month

$80,000 on a $400,000 home

  • Saved so far$20,000
  • Still needed for 20%$60,000
  • Monthly payment at 20% downPrincipal and interest, no PMI$2,189.48
Down payment options
DownAmountTime to saveMonthly P&I + PMI
3%$12,000Now$3,042.74
5%$20,000Now$2,885.01
10%$40,0001 year 1 month$2,673.16
20%$80,0003 years 1 month$2,189.48

Monthly figures exclude property tax, insurance and HOA. PMI is an estimate for conventional loans.

Interest is compounded monthly. This does not include closing costs, which you will also need in cash.

Time to reach 20% down

3 years 1 month

Details

How much do you really need to put down?

Twenty percent is the traditional target because it avoids private mortgage insurance on a conventional loan and lowers the payment and interest. But many buyers put down less. Conventional loans can go as low as 3% for some first-time buyers, FHA loans allow 3.5%, and VA and USDA loans can have no down payment for eligible borrowers.

A smaller down payment gets you into a home sooner but costs more each month and over the life of the loan. Use the table to compare, and consider what you would pay in rent while you save.

Do not forget the rest of the cash you need

Closing costs, moving costs, immediate repairs and a cash cushion all come on top of the down payment. Putting every dollar into the down payment can leave you exposed if something goes wrong in the first year.

Frequently asked questions

Is 20% down necessary?

No. It is the level that avoids PMI on conventional loans, but many loans allow far less. The right amount balances monthly cost, mortgage insurance and keeping savings in reserve.

Can gift money count toward a down payment?

Often yes, with a gift letter and documentation, and rules vary by loan program. Ask your lender about the requirements for your loan.

Where should I keep my down payment savings?

In something safe and accessible such as a high-yield savings account, since you will need the money on a known date and cannot afford a market drop.

Related calculators

PMIEstimate private mortgage insurance for your down payment, see when you can drop it at 80% and when it ends automatically at 78%, and how much more down avoids it.Closing costsEstimate closing costs as 2% to 5% of the price, add discount points, and see the total cash you need at closing with your down payment.Affordability calculatorHow much house you can afford from income, debts and savings.

Estimates for education and planning only. TotalMonthly is not a lender or advisor; confirm figures with a licensed professional. See the methodology and disclaimer.