Down Payment Calculator
Enter a purchase price and down payment percentage to see the down payment amount, remaining loan balance, and estimated monthly payment.
Typical down payments
Home (conventional loan): 5–20%. Putting 20% down avoids PMI.
Home (FHA loan): 3.5% minimum with a credit score of 580+.
Home (VA / USDA loan): 0% — no down payment required for eligible borrowers.
Car (new): 10–20% recommended to avoid being upside-down on the loan.
Car (used): 10% or more helps secure a better interest rate.
Investment property: 15–25% typically required by lenders.
Frequently asked questions
How much should I put down on a house?
Conventional loans require as little as 3-5% down, but putting 20% down avoids Private Mortgage Insurance (PMI) and lowers your monthly payment. FHA loans allow as low as 3.5% down.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is required on conventional home loans when the down payment is less than 20%. PMI typically costs 0.5-1% of the loan amount per year and protects the lender if you default.
Is a bigger down payment always better?
A larger down payment means lower monthly payments, less interest paid over the life of the loan, and no PMI requirement. However, depleting all your savings can be risky. Aim to keep an emergency fund of 3-6 months of expenses after closing.
How do I calculate monthly mortgage payments?
Monthly payments depend on the loan amount, interest rate, and loan term. The formula uses amortization: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is monthly interest rate, and n is total number of payments.