What This Calculator Estimates
This calculator estimates your down payment dollar amount and the resulting loan amount based on a home's price and your chosen down payment percentage.
Formula / Method Used
Down Payment = Home Price × (Down Payment % ÷ 100). Loan Amount = Home Price − Down Payment.
Worked Example
A $350,000 home with a 10% down payment requires $35,000 down, leaving a $315,000 loan amount.
How to Interpret the Result
Compare the down payment amount against your available savings. Remember that below 20% down typically triggers PMI, which adds to your monthly payment.
Common Mistakes
- Forgetting closing costs are separate from the down payment.
- Not accounting for PMI when putting down less than 20%.
- Draining all savings for the down payment with nothing left for moving or repairs.
- Assuming every loan program requires the same minimum percentage.
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Frequently Asked Questions
What does this down payment calculator estimate?
It estimates the down payment amount and resulting loan amount based on the home price and your chosen down payment percentage.
What is a typical down payment percentage?
Conventional loans often require 3-20%, FHA loans can go as low as 3.5%, while 20% avoids private mortgage insurance (PMI).
What is PMI and how does down payment affect it?
PMI is insurance required when your down payment is below 20%, protecting the lender if you default. A larger down payment can eliminate it.
Should I put down more than the minimum?
A larger down payment reduces your loan amount, monthly payment, and total interest, but weigh that against keeping cash reserves.
Does this include closing costs?
No, closing costs are separate from the down payment and typically run 2-5% of the home price.
Last updated: July 2026