Down Payment Calculator
Enter the home price and pick a down payment from 3% to 20%. The calculator shows how much cash that is and how much to put aside each month to have it within the months you enter. A table compares 3%, 5%, 10%, 15% and 20% down, with the down payment, the monthly loan payment, the PMI and the total per month for each. Or start from the cash you have, and see the home price that cash covers at each percentage. Property tax, insurance and closing costs are not included.
How to use the Down Payment Calculator
- Enter your numbers in the Down Payment Calculator above.
- Press the Calculate button to see the result.
- To try other numbers, change any value and press the button again.
The down payment math
Down payment = price × down % · · · Price from your cash = cash ÷ down % · · · Monthly saving = down payment ÷ months to save · · · Payment = L · r(1 + r)^n / ((1 + r)^n − 1) · · · PMI = L × PMI rate ÷ 12
L is the loan, the price minus the down payment. r is the annual interest rate divided by 12 and n is the term in months. At 0% the payment is L ÷ n. The calculator adds PMI to every row below 20% down, at the PMI rate you enter, and none at 20%. Each row shows one PMI figure, worked out on the full loan amount. The savings earn no interest. The calculator rounds every amount to the cent. The total per month adds the unrounded payment and PMI and then rounds, so it can differ by a cent from the two figures shown added together.
Worked example
A $350,000 home with 10% down needs $35,000. To save that in 24 months you put aside $1,458.33 a month. At 7% over 30 years with a PMI rate of 0.5%, the $315,000 loan costs $2,095.70 a month plus $131.25 of PMI, $2,226.95 in all. At 20% down the loan is $280,000 and the payment $1,862.85 with no PMI, so the extra $35,000 down lowers the monthly cost by $364.10. Starting from $35,000 of cash, the same 10% down covers a $350,000 home, and 20% down covers a $175,000 home with a payment of $931.42.
Frequently asked questions
How much house can I afford with my down payment?
Set Start From to "The cash I have" and type what you have for the down payment. The calculator divides it by each down payment percentage: $50,000 is 10% of a $500,000 home and 20% of a $250,000 home. Each row shows the monthly payment and PMI at your rate. That is the limit the cash sets. Your income and debts set another, which the house affordability calculator works out. Keep closing costs out of the cash you type.
When does the table add PMI?
On every row below 20% down. It multiplies the loan by the PMI rate you enter and divides by 12. At 20% the PMI column says None. Enter 0 as the PMI rate if your loan has none.
Does it include closing costs, taxes or insurance?
No. Every figure covers the down payment and the loan alone. For a monthly payment with property tax, homeowners insurance, PMI and HOA dues, use the mortgage calculator.
How is the monthly saving worked out?
The down payment divided by the months to save. The calculator adds no interest on the savings, so $35,000 over 24 months is $1,458.33 a month.