Down Payment Calculator
Calculate target home down payment amounts, savings goals, and monthly timeline to reach home purchase.
Down Payment Target
Frequently asked questions
How much down payment do I need for a house?
Down payments range from 3% to 20% of home purchase price. Putting 20% down eliminates PMI mortgage insurance.
How much should I put down on a house?
20% avoids mortgage insurance and typically secures the best rate, but it is not a requirement - conventional loans go to 3%, FHA to 3.5%, and VA and USDA loans to zero for those who qualify. The trade-off is PMI and a higher rate against buying sooner and keeping cash reserves.
What is PMI and when does it end?
Private mortgage insurance protects the lender when the down payment is under 20%. Under the US Homeowners Protection Act you can request cancellation at 80% loan-to-value and it must terminate automatically at 78%, based on the original amortisation schedule. FHA mortgage insurance is different - on most current loans it lasts the life of the loan unless you refinance.
Should I put down more than 20%?
It reduces the loan and total interest, but the money becomes illiquid home equity that is expensive to access. Compare the mortgage rate against what the cash could earn elsewhere, and keep an emergency fund intact - being house-rich and cash-poor is a common and avoidable mistake.