Down Payment Calculator
Turn a down payment percentage into dollars and the loan amount, with a PMI note when you put down less than 20%.
How it works
Down payment = price × down% · Loan amount = price − down payment
A larger down payment lowers the amount you borrow, your monthly payment and the total interest. The key threshold is 20%: below it, lenders typically require private mortgage insurance (PMI), which protects the lender and adds to your monthly cost until your equity reaches 20%.
Worked example
On a $350,000 home, 20% down is $70,000, leaving a $280,000 loan and no PMI. Put 10% ($35,000) down instead and you would borrow $315,000 and likely pay PMI of roughly $130–$390 a month until you reach 20% equity.
Frequently asked questions
How much do I need to put down?
Conventional loans can go as low as 3–5%, FHA loans 3.5%, and some VA and USDA loans 0%. But 20% avoids PMI and shrinks the loan, so it is the common target.
What is PMI and when does it stop?
Private mortgage insurance protects the lender if you default. On conventional loans it typically ends once you reach about 20–22% equity, either automatically or on request.
Is a bigger down payment always better?
Not always — draining your emergency fund or missing employer 401(k) matches to reach 20% can cost more than the PMI you avoid. Balance it against your other goals.
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This is an educational estimate, not financial advice. Confirm figures with your lender, advisor or tax professional.