Free USA down payment calculator
with PMI & monthly payment
See exactly how much you need to put down. Enter your home price and loan type to get your down payment, loan amount, PMI, and estimated monthly payment — then compare 3%, 5%, 10% and 20% down side by side.
Down payment + est. closing costs $0
Estimates for planning only, not a quote. Monthly payment includes estimated taxes & insurance; your lender's Loan Estimate is the number to rely on.
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How to use this down payment calculator
This free down payment calculator shows USA home buyers exactly how much cash they need up front — and what it means for their loan, PMI, and monthly payment. Here's how to use the down payment calculator in under 30 seconds:
Pro tip: Down payment isn't your only upfront cost. Pair this with our buyer closing cost calculator to see the full cash you'll need on closing day.
Why use this down payment calculator?
Most tools only show a number. This down payment calculator is loan-type aware, adds PMI and a real monthly payment, and compares four down payment scenarios side by side, so you can see the exact trade-off between putting more down now and paying less each month. Buyers use this down payment calculator to decide whether to stretch for 20% or buy sooner with less.
How much down payment do you need?
The right down payment depends on your loan type and goals. Here are the typical minimum down payments for USA loan programs in 2026 — a down payment calculator like the one above lets you test each one instantly.
| Loan type | Minimum down | PMI / insurance |
|---|---|---|
| Conventional | 3% | PMI if under 20% down |
| FHA | 3.5% | MIP (upfront + annual) |
| VA (eligible veterans) | 0% | No PMI (funding fee) |
| USDA (rural, eligible) | 0% | Guarantee fee |
| Jumbo | 10% – 20% | Varies by lender |
A 20% down payment is a goal, not a requirement. Most buyers put down far less — the trade-off is paying PMI until you reach about 20% equity.
Is a 20% down payment required?
No — this is the most common home-buying myth. You can buy a home with as little as 3% down on a conventional loan, 3.5% on FHA, or 0% on VA and USDA loans. The reason 20% gets so much attention is that it's the threshold where you avoid private mortgage insurance (PMI). Putting down less lets you buy sooner; putting down more lowers your monthly payment and skips PMI. The down payment calculator above shows both sides so you can decide.
How PMI works (and how to avoid it)
Private mortgage insurance, explained in plain terms by the Consumer Financial Protection Bureau, protects the lender if you stop paying, and it's required on most conventional loans when you put down less than 20%. PMI typically costs 0.46% to 1.5% of your loan amount per year, split into your monthly payment. The good news: on conventional loans you can usually cancel PMI once you reach about 20% equity, either by paying down the loan or as your home's value rises.
Down payment vs closing costs vs earnest money
Three different pots of cash, all due around closing. Knowing the difference tells you how much you really need to save.
| Term | What it is | Typical amount |
|---|---|---|
| Earnest money | Good-faith deposit when your offer is accepted | 1% – 3% (credited later) |
| Down payment | Your upfront equity in the home | 3% – 20% |
| Closing costs | Lender, title & government fees | 2% – 5% |
Total cash to buy = down payment + closing costs − earnest money already paid. The calculator estimates your down payment plus closing costs above.
Average down payment for buyers
Despite the 20% myth, real down payments are much lower. First-time buyers typically put down around 6% to 9%, while repeat buyers often put down more because they roll equity from a previous home into the next one. Down payment assistance can push a first-timer's out-of-pocket even lower.
How to save for a down payment
The down payment is the single biggest upfront cost for most buyers. A clear plan makes it reachable.
Down payment assistance (DPA)
Down payment assistance programs are one of the most underused tools in home buying. State and local housing agencies offer grants, forgivable loans, and low-interest second mortgages that can cover much of your down payment — especially for first-time and moderate-income buyers. Ask your lender which programs you qualify for before assuming you need the full amount in cash.
Sources & references
The down payment rules and figures in this down payment calculator guide are based on public USA mortgage programs. For official, current details, review these authoritative resources:
- Consumer Financial Protection Bureau — Owning a Home — official guidance on down payments, PMI and the Loan Estimate.
- U.S. Department of Housing and Urban Development (HUD) — FHA loans and first-time buyer / down payment assistance programs.
- U.S. Department of Veterans Affairs — VA Home Loans — zero-down VA loan eligibility and funding fee details.
- USDA Rural Development — Single Family Housing — zero-down USDA loans for eligible rural buyers.
Minimum down payments, PMI rates and assistance programs change — always confirm current details on the official source above or with a licensed lender.