Down Payment Calculator
Down payment calculator: see the cash needed up front, the loan amount and the monthly principal and interest payment on your mortgage.
Editorial review: Farrow (pseudonym; identity and professional credentials are not disclosed). This page is for educational purposes, not professional advice.
Your inputs
Results update as you type. Nothing you enter leaves your device.
Results
- Loan amount
- $320,000
- Monthly principal and interest
- $2,022.62
Example with the starting values
These results use the calculator's initial inputs. Change the values above to calculate your own estimate.
Inputs
- Home price
- 400000 $
- Down payment
- 20 %
- Interest rate
- 6.5 %
- Loan term
- 30 years
Results
- Down payment
- $80,000
- Loan amount
- $320,000
- Monthly principal and interest
- $2,022.62
How does the Down Payment Calculator work?
Down payment = home price × down payment %. Loan amount = price − down payment. Monthly principal and interest comes from the standard amortization formula on the loan at your rate and term. A $400,000 home with 20% down is $80,000 down and a $320,000 loan.
Putting at least 20% down usually avoids private mortgage insurance (PMI). FHA loans allow as little as 3.5% down, and some conventional loans accept 3%.
Frequently asked questions
How much down payment do I need?
20% avoids PMI on a conventional loan. FHA needs 3.5% and some conventional loans accept 3%, at the cost of mortgage insurance.
Does this include taxes and insurance?
No. The monthly figure is principal and interest only. Use the mortgage PITI calculator to add taxes, insurance and PMI.
What if I put down less than 20%?
You will usually pay PMI of roughly 0.3% to 1.5% of the loan per year until you reach about 20% equity.
Does a bigger down payment lower my monthly payment?
Yes. It shrinks the loan, and 20% down avoids PMI. On $400,000 at 6.5%, moving from 10% to 20% down saves about $250 a month in principal and interest.