Down Payment Calculator
A 20% down payment is not universally required. Compare common down payment percentages to see how each one changes the cash you need up front and the payment you'd carry.
The home and loan
Mortgage insurance
Your savings
Used only to highlight which rows your current savings could cover for the down payment itself.
Largest option your savings cover: 10% down
$40,000 down · $2,455/mo
Payments below show principal, interest and PMI only — property taxes, insurance and HOA dues are extra. This is not advice about how much to put down.
Down payment options side by side
A larger down payment lowers the loan and the payment, but leaves less cash on hand. Neither direction is automatically better.
| Down | Cash needed | Loan | P&I | PMI | Monthly |
|---|---|---|---|---|---|
| 3% | $12,000 | $388,000 | $2,452 | $194 | $2,646 |
| 3.5% | $14,000 | $386,000 | $2,440 | $193 | $2,633 |
| 5% | $20,000 | $380,000 | $2,402 | $190 | $2,592 |
| 10% | $40,000 | $360,000 | $2,275 | $180 | $2,455 |
| 15%above your savings | $60,000 | $340,000 | $2,149 | $170 | $2,319 |
| 20%above your savings | $80,000 | $320,000 | $2,023 | — | $2,023 |
3% and 3.5% options reflect the minimums commonly discussed for certain conventional and FHA programs. Eligibility, mortgage insurance structure and fees differ by program.
Want to understand this number?
How this calculator works
For each percentage, the calculator works out the cash required, subtracts it from the price to get the loan amount, and runs the same fixed-rate amortisation formula. When the down payment is under 20% and PMI is included, an estimated monthly mortgage insurance premium is added.
Holding the rate and term constant across rows is what makes the comparison readable: the only thing changing is the down payment.
What it can't tell you
- 20% down is not a requirement for most buyers — it is simply the point where conventional mortgage insurance is commonly dropped.
- Minimum down payments, mortgage insurance structures and eligibility rules differ by loan program, and this table does not check whether you qualify for any of them.
- FHA mortgage insurance behaves differently from conventional PMI, including an upfront premium and different cancellation rules.
- Putting down more leaves less cash for closing costs, moving and repairs, which this table does not weigh for you.