Down Payment Calculator
See how much to save for a home purchase.
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Down Payment Calculator by TheCalcTools
How the Down Payment Calculator works
Enter the home price, the percentage you plan to put down and your current savings.
The loan is the price less the down payment.
Conventional loans with less than 20% down usually require private mortgage insurance.
The formula
Worked example
Using the default values shown in the calculator:
| Home price | $400000 |
|---|---|
| Down payment (%) | 10 % |
| Saved so far | $25000 |
- Down payment = $400,000 × 10% = $40,000; loan = $360,000.
- Loan-to-value = 90%. Yes: below 20% down.
- You still need $15,000.
Result:
| Down payment | $40,000 |
|---|---|
| Loan amount | $360,000 |
| Loan-to-value | 90.0% |
| Likely needs mortgage insurance? | Yes: below 20% down |
| Needed for 20% down | $80,000 |
| Still to save for this down payment | $15,000 |
Frequently asked questions
Do I need 20% down?
No. Many loans allow much less, such as 3–5% for some conventional loans or 3.5% for FHA in the US, but you may pay mortgage insurance.
What other cash will I need?
Closing costs, moving costs and a reserve for repairs. Closing costs are often 2–5% of the price.
Sources and further reading
- Consumer Financial Protection Bureau: How much should I save for a down payment?
- Wikipedia: Down payment
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This calculator gives estimates for information only. It is not financial advice, and your lender's or provider's figures will govern. Rates, fees and rules vary. See our disclaimer.