Down Payment Calculator
Calculate your down payment, loan amount, PMI costs, and total cash needed for your home purchase. Compare different loan types to find the best option for you.
Multiple Loan Types
Compare conventional, FHA, and VA loan options side by side.
PMI Calculations
Automatically calculate PMI/MIP costs based on your down payment.
Total Cash Needed
See the complete picture including closing costs and fees.
Frequently Asked Questions
What is a down payment?
A down payment is the upfront cash payment you make when purchasing a home. It is typically expressed as a percentage of the purchase price. The remaining amount is financed through a mortgage loan.
How much should I put down on a house?
The ideal down payment depends on your financial situation. Conventional loans typically require 3-20%, FHA loans require 3.5%, and VA loans require 0%. Putting down 20% or more eliminates PMI requirements.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) protects the lender if you default on your loan. It is typically required for conventional loans when your down payment is less than 20% of the purchase price. PMI adds to your monthly mortgage payment.
What are closing costs?
Closing costs are fees associated with finalizing your mortgage, typically 2-5% of the purchase price. They include appraisal fees, title insurance, attorney fees, and other administrative costs.
What is the difference between FHA and conventional loans?
FHA loans require a lower minimum down payment (3.5% vs 3%) and are easier to qualify for with lower credit scores. However, FHA loans require mortgage insurance (MIP) for the life of the loan, while conventional loans only require PMI until you reach 20% equity.
Can I avoid PMI?
Yes, you can avoid PMI by making a down payment of 20% or more on a conventional loan, or by choosing a VA loan if you qualify. Some lenders also offer lender-paid PMI options with slightly higher interest rates.