Down Payment Calculator
The down payment sets both the cash you need at closing and the size of the loan you carry for decades. Try different percentages and see the trade-off — including where PMI starts and stops.
Your numbers
Result
- Loan amount
- $270,000.00
- Monthly payment
- $1,673.70
- PMI
- Likely required (below 20% down)
| Down payment | Cash needed | Loan amount | Monthly payment |
|---|---|---|---|
| 3.5% (FHA minimum) | $10,500.00 | $289,500.00 | $1,794.58 |
| 5% | $15,000.00 | $285,000.00 | $1,766.68 |
| 10% | $30,000.00 | $270,000.00 | $1,673.70 |
| 20% (no PMI) | $60,000.00 | $240,000.00 | $1,487.73 |
How much should you put down?
20% is the classic benchmark because it avoids PMI on conventional loans and gets better rates — but it isn't a legal minimum. Conventional programs go as low as 3-5% down, FHA loans allow 3.5% (with mortgage insurance), and VA/USDA loans can be 0% for eligible borrowers. More down = smaller loan, lower payment and less interest; less down = you keep cash for repairs, moving and emergencies.
What PMI is and when it goes away
Private mortgage insurance protects the lender when a conventional loan exceeds 80% of the home's value — roughly 0.3% to 1.5% of the loan per year, added to your payment. It isn't forever: you can request cancellation at 80% loan-to-value, and it must drop automatically at 78%. FHA's version (MIP) has its own rules and often lasts the life of the loan unless you refinance.
Budget beyond the down payment
The down payment isn't the only cash due at closing: closing costs typically add 2-5% of the loan amount, and you'll want moving costs plus an emergency cushion left over. Emptying every account to reach 20% can backfire — many buyers land on 10-15% down with PMI for a few years as the better overall deal. Run the table above to compare.
Informational and educational result. Not a substitute for professional advice.
Frequently asked questions
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