Down Payment Calculator
Enter your home price and see how your down payment affects monthly payment, PMI, and total cost. Compare standard tiers from 3% to 20% instantly.
1 Home Details
Your Monthly Payment (P&I + PMI)
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Enter home price and down payment above
Loan Amount
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Down Payment %
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Principal & Interest
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Monthly PMI
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Down Payment Tier Comparison
Based on your home price and interest rate
| Down % | Down Amount | P&I | PMI | Total/mo |
|---|---|---|---|---|
| Enter home details above | ||||
Monthly Payment by Down Payment %
How Much Should You Put Down on a Home?
The down payment is one of the biggest decisions in home buying. A larger down payment lowers your monthly payment, eliminates PMI, and reduces total interest — but requires more cash upfront. The right amount depends on your savings, loan program, and financial goals.
3% down is the minimum for many conventional loans and is popular with first-time buyers who qualify for programs like Fannie Mae HomeReady or Freddie Mac Home Possible. 5–10% down reduces PMI cost and improves your loan terms. 20% down eliminates PMI entirely and typically secures the best interest rates.
Understanding PMI
Private Mortgage Insurance (PMI) is required by conventional lenders when your down payment is below 20%. It protects the lender — not you — in case of default. PMI typically costs 0.5%–1.5% of the loan amount per year (around $85–$250/month on a $300,000 loan). PMI can be removed once you reach 20% equity, either through payments or appreciation.
Use the Mortgage Calculator to model your full payment including property taxes and insurance, or the Affordability Calculator to see your maximum purchase price based on income.