How much should I put down on a house?

Conventional loans often allow 3% down for some borrowers but 20% down avoids PMI. FHA commonly requires 3.5%. VA and USDA may allow 0% down for eligible borrowers.

Does 20% down always remove PMI?

For most conventional loans, having an initial LTV at or below 80% means PMI is not required. PMI can also be canceled later as equity builds.

Are closing costs included in the down payment?

No. Closing costs are separate and typically range from 2%–5% of the purchase price. Cash to close usually equals down payment plus closing costs minus any credits.

How is the monthly payment calculated here?

The calculator uses the standard amortization formula for principal and interest based on loan amount, interest rate, and term. Taxes, insurance, mortgage insurance and HOA fees are not included.

Can I qualify for FHA, VA, or USDA with the minimum down shown?

Minimum down payment is only one factor. Eligibility depends on credit, income, property requirements, and program-specific rules. Consult a licensed lender.

How long will it take me to save my target down payment?

Enter your current savings and monthly saving contribution. The tool estimates months and a target date to reach the goal, ignoring investment returns or inflation.

Down Payment Calculator

Enter a home price and your preferred down payment (percent or amount) to see loan amount, LTV, estimated principal-and-interest, closing costs, PMI likelihood, cash to close, and time to save your target.

Calculator

Home price *

Down payment mode *

Percent Amount

Down payment *

Loan type

Interest rate (APR)

Loan term

Closing costs (estimate)

Current savings

Monthly saving

Results

Down payment (amount)

Down payment (% of price)

Loan amount

LTV (loan-to-value)

Est. monthly P&I

Est. closing costs

Est. cash to close

PMI likely?

N/A

Meets program minimum?

N/A

Time to save target

—

Note: Results exclude property taxes, homeowners insurance, mortgage insurance, HOA dues, and prepaid/escrow items.

Data Source and Methodology

Consumer Financial Protection Bureau (CFPB). Owning a Home – Closing Costs (2024).
HUD. FHA Single Family Housing Policy Handbook 4000.1 (latest rev. 2024).
U.S. Department of Veterans Affairs (VA). Lenders Handbook (VA Pamphlet 26-7, 2023).
Fannie Mae Selling Guide (2024) – LTV/CLTV and minimum down payment standards.
CFPB. What is mortgage insurance and how does it work? (2024).

The Formula Explained

Down payment (amount), when percent mode is used:

\\( DP_{amt} = P \\times \\dfrac{DP\\%}{100} \\)

Loan amount: \\( L = P - DP_{amt} \\)

LTV: \\( LTV\\% = \\dfrac{L}{P} \\times 100 \\)

Monthly P&I (amortized): \\( M = L \\cdot \\dfrac{i(1+i)^n}{(1+i)^n - 1} \\), where \\( i = APR/12 \\), \\( n = 12 \\cdot years \\)

Closing costs estimate: \\( C = P \\times \\dfrac{c}{100} \\)

Cash to close (excl. credits/prepaids): \\( Cash = DP_{amt} + C \\)

Months to save: \\( months = \\left\\lceil \\max\\left(0, \\dfrac{DP_{amt} - S_{current}}{S_{monthly}} \\right) \\right\\rceil \\)

Frequently Asked Questions (FAQ)

What down payment avoids PMI?

On most conventional loans, an initial LTV at or below 80% (i.e., 20% down) typically avoids PMI at closing. Program and lender rules vary.

Is 3% down possible on a conventional loan?

Some conventional programs allow 3% down for eligible borrowers (e.g., first-time homebuyers) subject to income, credit, and property requirements.

What are typical closing costs?

CFPB notes closing costs often total 2%–5% of the purchase price. This tool uses your selected percentage to estimate.

Does this monthly payment include taxes and insurance?

No. It estimates principal-and-interest only. Property taxes, homeowners insurance, mortgage insurance, and HOA dues are not included.

Can VA or USDA loans be zero down?

Yes, many eligible borrowers can put 0% down with VA or USDA loans. Eligibility and property restrictions apply—consult a licensed lender.

How accurate is the PMI determination?

The tool flags PMI as “likely” for conventional loans with LTV > 80%. Actual PMI costs and rules depend on your credit, program, and lender.

Tool developed by Ugo Candido. Content verified by CalcDomain Editorial. Last reviewed on September 13, 2025.