Down payment calculator
Enter the price and percent down, get the down payment.
How much is a 20% down payment?
Price × 0.20: $80,000 on a $400,000 home, leaving a $320,000 loan.
Do I need to put 20% down?
Not always. Many loans accept less, but conventional loans with under 20% down usually add private mortgage insurance (PMI) to the payment. Your lender sets the minimum.
How long will it take to save?
Subtract what you have saved and divide by your monthly savings: with $30,000 saved and $1,000 a month, reaching $80,000 takes 50 months.
Is the down payment all the cash I need?
No — closing costs, moving and reserves come on top. Your Loan Estimate lists the cash to close.
How does a bigger down payment help?
It shrinks the loan, so the monthly payment and total interest fall. The mortgage calculator shows the effect on your payment.
What is the smallest down payment I can make?
The CFPB says you typically need at least 3 percent of the home price, and that many loan types and lenders require 5 percent or more. An FHA loan allows 3.5% ($14,000) with a high enough credit score, and the CFPB notes that special low- or no-down-payment programs exist for veterans and service members, rural residents and some first-time buyers. Your lender sets the actual rule.
How much should I set aside for closing costs?
The CFPB says closing costs, not counting the down payment, typically run 2–5% of the purchase price, which is $8,000 to $20,000 on a $400,000 home. It advises subtracting your estimate from the cash you have to find the most you can put down. Your Loan Estimate gives the figures for your loan.
How the calculator works
The down payment is the price × the percentage, and the loan is the price minus the down payment. If you enter what you have saved and what you add each month, the calculator subtracts the savings from the target, rounds up the number of months needed (target gap ÷ monthly saving) and shows it in years and months. It adds no interest on savings and does not include closing costs, which are separate.
Worked example: a $400,000 home
At 20% down, the down payment is $80,000 and the loan $320,000. With $30,000 saved, $50,000 remains, and at $1,000 a month that is 50 months. At 10% down, the down payment is $40,000 and the loan $360,000. For comparison only, assume a 6.5% fixed rate over 30 years (an assumption, not a quote): the principal and interest payment is $2,022.62 on the larger-down loan and $2,275.44 on the smaller, $252.83 more a month, before any mortgage insurance.
Common mistakes
Spending every dollar on the down payment is the first: closing costs, moving and reserves still need cash, and the CFPB tells buyers to subtract closing costs from available cash before deciding how much to put down. Assuming 20% is required is the second; it is the point where the CFPB says savings are largest, not a rule. Overlooking the steps in pricing is third, since the CFPB notes lenders usually set rates and costs in 5-percent steps, so 8% down may not get you the benefit of 10%. Finally, below 20% a conventional loan usually adds PMI, so compare the whole payment, not just the loan amount.
Sources: CFPB, Determine your down payment (page modified October 1, 2025): typical minimums, the savings from 10 and 20 percent down, closing costs of typically 2–5% of the price, and low- or no-down-payment programs; HUD Single Family Housing Policy Handbook 4000.1 (section II.A.2) for the FHA minimum, as used in the FHA loan calculator. The monthly payments in the example use the standard fixed-payment formula at an assumed rate chosen for illustration, not a quoted rate. See also the mortgage calculator, the PMI calculator and the home affordability calculator.
Estimates for planning only — not financial advice. Your lender's figures decide. How we check our calculators.