Down Payment Calculator
How much you need, and how long it takes to save
- Loan amount
- $315,000
- Monthly principal + interestat 6.5% for 30 years
- $1,991
- Monthly PMIconventional loans under 20% down
- $131
- Still to savecash needed minus savings
- $25,500
- Time to save itsaving $1,000 a month
- 2 yr
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Estimate, not a loan offer. PMI and loan programs depend on your credit and lender. We may earn a commission when you click. It does not change your estimate. How we calculate · How we make money
| Down | Amount | Loan | P&I / mo | PMI / mo | Cash to close |
|---|---|---|---|---|---|
| 3% | $10,500 | $339,500 | $2,146 | $141 | $21,000 |
| 3.5% | $12,250 | $337,750 | $2,135 | $141 | $22,750 |
| 5% | $17,500 | $332,500 | $2,102 | $139 | $28,000 |
| 10% | $35,000 | $315,000 | $1,991 | $131 | $45,500 |
| 15% | $52,500 | $297,500 | $1,880 | $124 | $63,000 |
| 20% | $70,000 | $280,000 | $1,770 | — | $80,500 |
See what you can put down
Some loan programs allow 3% or 3.5% down. Compare lenders to see your rate and the down payment options you qualify for.
Free to compare. No obligation.
How much should you put down?
There's no single right amount. A bigger down payment means a smaller loan, a lower payment and less interest, and at 20% down you avoid PMI on a conventional loan. A smaller one gets you into a home sooner and keeps more cash for emergencies, repairs and moving. The table above compares common amounts side by side.
Minimum down payments by loan type
- Conventional: as little as 3% with some programs, with PMI until you reach 20% equity.
- FHA: 3.5% down with qualifying credit, with FHA mortgage insurance. See the FHA mortgage calculator.
- VA and USDA: no down payment for eligible borrowers. See the VA mortgage calculator.
- Jumbo: lenders often ask for 10% to 20% down.
Don't forget closing costs
Your down payment isn't all the cash you need. Closing costs typically add another 2% to 5% of the price. In the example, 10% down on a $350,000 home is $35,000, and with 3% for closing costs the cash needed is $45,500. With $20,000 saved and $1,000 a month going in, that takes about two years of saving. Get a closer number from theclosing cost calculator.
Ways to get there faster
- Keep savings in a high-yield account so it earns interest while you save.
- Look for state and local down payment assistance programs.
- Ask whether your lender allows gift funds from family, and what paperwork they need.
- Ask the seller to cover part of your closing costs, so more of your cash can go to the down payment.
Frequently asked questions
How much is a down payment on a house?
As little as 0% to 3.5% with some programs, and 20% if you want to avoid PMI on a conventional loan. On a $350,000 home, 3% is $10,500, 10% is $35,000 and 20% is $70,000. Plan for closing costs on top.
Do you need 20% down to buy a house?
No. Many conventional loans allow 3% to 5% down, FHA allows 3.5% with qualifying credit, and VA and USDA loans can require nothing down for eligible buyers. Under 20% down on a conventional loan you'll pay PMI until you reach about 20% to 22% equity.
How do I save for a down payment on a house?
Set a target that includes closing costs, automate a monthly transfer into a high-yield savings account, and check state and local down payment assistance programs. The calculator above shows how long your current savings rate takes to reach the goal.
Can a down payment be a gift?
Usually yes. Most loan programs allow gift funds from family, but lenders require a signed gift letter and may ask for bank statements showing where the money came from.