Down Payment Calculator

Calculate down payment amount and its impact on mortgage, monthly payment, and PMI.

What is a Down Payment Calculator?

Calculate your down payment amount and see how it affects your mortgage payment, interest, and PMI requirements.

How to Use

Using the down payment calculator is simple:

  • Enter your values in the input fields
  • Click the calculate button
  • View the result instantly

Tips

  • Double-check your inputs for accurate results
  • This tool is for estimation - consult a professional for important decisions
  • Save your results for future reference

Frequently Asked Questions

How much should I put down?+
20% for conventional loans to avoid PMI. FHA loans allow 3.5%, and VA loans require 0% (for eligible veterans). The lower your down payment, the higher your monthly payment and the more total interest you pay.
What is PMI?+
Private mortgage insurance is required when your down payment is below 20%. It typically costs 0.3-1.5% of the loan amount per year. You can cancel PMI at 20% equity. Avoid it by putting down 20%.
How does the down payment affect interest rates?+
A larger down payment usually means a lower rate. A 20% down payment can save 0.25-0.5% compared to 5%. Lenders see more equity as lower risk. This reduces both your monthly payment and total interest.
Can I accept a gift as a down payment?+
Yes, from family members. Lenders require a gift letter and proof of funds. Some loans (investment properties) do not allow gifts. Document all sources.

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