Down Payment Calculator
Calculate your down payment, resulting loan amount, monthly principal & interest, and whether you'll need PMI — and how much it costs.
Down Payment Calculator
Calculate your down payment, loan amount, and PMI
20% avoids PMI; 3% minimum for FHA
At 20% down, you avoid PMI entirely.
Calculates principal & interest only — property taxes, homeowners insurance, and HOA fees are not included. PMI assumed at 0.55% of the loan amount annually (typical for a 5-15% down payment), which applies only when the down payment is under 20%. FHA loans use MIP (mortgage insurance premium) instead, typically 0.55% for the life of the loan.
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Frequently Asked Questions
How much down payment do I need for a home?+
Conventional loans allow 3-5% down; FHA requires 3.5%; VA and USDA offer 0%. But below 20% you pay private mortgage insurance (PMI) — roughly $50-150/month on a $400,000 home — until you reach 20% equity. A 20% down payment avoids PMI and lowers your loan and interest.
What is PMI and how much does it cost?+
PMI is private mortgage insurance lenders require when you put down less than 20%. It typically costs 0.5-1% of the loan amount per year — on a $320,000 loan that's $135-265/month. It's dropped automatically once you reach 22% equity (or at 20% on request).
How much is a down payment on a $400,000 house?+
20% = $80,000 (avoids PMI), 10% = $40,000 (adds PMI ~$140/month), 3.5% FHA = $14,000 (adds MIP ~$260/month for life of loan). Your loan amount and monthly payment scale with your down payment — see this calculator's results for the exact numbers.
How much down payment do I need for a home?
Conventional loans allow 3-5% down; FHA requires 3.5%; VA and USDA offer 0%. But below 20% you pay private mortgage insurance (PMI) — roughly $50-150/month on a $400,000 home — until you reach 20% equity. A 20% down payment avoids PMI and lowers your loan and interest.
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