Down Payment Calculator
A down payment is three decisions at once: the cash you hand over at closing, the loan you leave behind, and the payment that loan carries for the next twenty or thirty years. This calculator shows all three from the same inputs, so you can see the trade before you commit.
Enter the price of the home and the size of your down payment as a percentage. Add a rate and term and it prices the loan that remains, so the payment shown is the one a lender would underwrite — not a rough guess.
Results update as you type.
Using this down payment calculator
Enter a home price and a down payment percentage and you get the three numbers that actually decide the purchase: the cash required, the loan that remains, and the monthly payment attached to it. Change the percentage and all three move together, which is the fastest way to see what a bigger down payment buys you.
Adding a rate and a term is what turns a loan figure into a payment. Keep them at the figures you have been quoted, and the payment shown here lines up with the figures on a Loan Estimate.
Filling it in
- Home price is the purchase price, not an estimate you saw months ago. If you are refinancing rather than buying, use the appraised value the lender used.
- Down payment is entered as a percentage, not dollars. Twenty is the working benchmark because at 20% equity most lenders stop charging monthly mortgage insurance, while US programmes go as low as 3.5% for FHA and 0% for VA and USDA.
- Interest rate is the annual rate as a percentage, and loan term is the years over which the remaining balance amortises. Move the term and you can see how much of the payment is a rate decision rather than a down-payment decision.
Two figures deserve more attention than the headline number. Loan-to-value — the loan divided by the price — is what lenders price, and 80% is the usual cut-off where better pricing begins. Cash left in reserve matters just as much: a bigger down payment that empties your emergency fund tends to come back as a credit-card balance within a year.
Closing costs are not included. They are separate from the down payment and commonly run a few percent of the price on top of it. The property tax calculator covers the tax line, and the mortgage payment calculator prices any loan figure you land on.
How it works
Down payment = home price × percentage ÷ 100. The loan is simply what is left: price minus down payment. Loan-to-value is that loan divided by the price, so a 20% down payment is an 80% loan-to-value.
The payment line re-uses the standard amortising formula, payment = B × r ÷ (1 − (1 + r)^−n), where B is the loan you are left with, r is the annual rate ÷ 12 and n is years × 12. Nothing about the down payment changes the formula — it only changes B.
A down payment of 100% leaves no loan to price, so the calculator asks for a figure below 100. Mortgage insurance, closing costs, taxes and HOA dues sit outside this model, which is why the payment is a P&I figure rather than your total monthly housing cost.
Example
$400,000 home price · 20% down · 6.5% rate · 25-year term
- Down payment: $80,000 in cash at closing.
- Loan amount: $320,000, which is 80% loan-to-value.
- Payment on that loan: $2,161 a month in principal and interest.
- Put down 15% instead and it is $60,000 cash, a $340,000 loan and $2,296 a month — before any mortgage insurance.
- Each extra 1% down on this price is $4,000 less borrowed, worth about $27 a month.
Worked example using the figures above — an illustration, not financial advice. Your loan documents decide the real numbers.
Down Payment Calculator FAQ
How much down payment do I need?
Conventional loans start around 3% to 5% for qualifying buyers, FHA takes 3.5%, and VA and USDA can reach zero. Twenty percent is the working benchmark because it is where monthly mortgage insurance usually disappears.
What does putting down less than 20% cost me?
On a $400,000 home at 6.5% over 25 years, 20% down means $80,000 cash and a $2,161 payment. At 15% down it is $60,000 cash, a $340,000 loan and $2,296 a month — plus mortgage insurance on top while your equity is under 20%.
What is loan-to-value?
The loan divided by the property value. A $320,000 loan on a $400,000 home is 80% loan-to-value, which is where most lenders stop adding risk premiums to your rate.
Is every extra point of down payment worth it?
Each point on a $400,000 home is $4,000 less borrowed, worth roughly $27 a month at 6.5% over 25 years. It is only worth it if the cash you keep in reserve still covers a job loss or a new roof.
Are closing costs part of the down payment?
No, they are separate money. The down payment is equity you put into the purchase, while closing costs pay the lender, title and local recording, and commonly run a few percent of the price on top of it.
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Last updated October 5, 2026. Every figure is an estimate produced in your browser — see the methodology and its limits.