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Down Payment Calculator

See exactly how much you need upfront and what your monthly payment will be — the foundation of home buying math.

Home price

Down payment (%)

Interest rate (%)

Loan term (years)

What you entered

Home price: $350,000Down %: 20%Rate: 6.5%Term: 30 years

1
Down payment
$350,000.00 × 20%= $70,000.00
2
Loan amount
$350,000.00 − $70,000.00= $280,000.00
3
Monthly payment (P&I)
Amortized over 30 years at 6.5%= $1,769.79

Result

Down payment: $70,000

A 20% down payment on a $350,000 home is $70,000, leaving a $280,000 loan with $1,770/month payments.

Down payment and monthly payment by deposit size

Each cell shows the cash deposit and the resulting monthly principal and interest at 6.5% over 30 years. Property tax, insurance and any mortgage insurance are extra.

Home price	3% down	5% down	10% down	20% down
$250,000	$7,500 / $1,532.76	$12,500 / $1,501.16	$25,000 / $1,422.15	$50,000 / $1,264.14
$350,000	$10,500 / $2,145.87	$17,500 / $2,101.63	$35,000 / $1,991.01	$70,000 / $1,769.79
$450,000	$13,500 / $2,758.98	$22,500 / $2,702.09	$45,000 / $2,559.88	$90,000 / $2,275.44
$600,000	$18,000 / $3,678.64	$30,000 / $3,602.79	$60,000 / $3,413.17	$120,000 / $3,033.93
$800,000	$24,000 / $4,904.85	$40,000 / $4,803.72	$80,000 / $4,550.89	$160,000 / $4,045.24

Each cell reads as deposit / monthly payment. The striking thing is how little the payment moves: on a $450,000 home, going from 3% to 20% down costs an extra $76,500 in cash and saves $483.54 a month, which takes over 13 years of payments to recoup in nominal terms. The real argument for 20% is not the payment but private mortgage insurance, which conventional lenders require below that threshold and which typically adds 0.3% to 1.5% of the loan a year until you reach 20% equity. These figures are principal and interest only.

20% avoids PMI, but it's not required

Putting 20% down eliminates Private Mortgage Insurance (PMI), which typically costs 0.5-1% of the loan annually. But many programs allow 3-5% down (FHA even 3.5%) — the trade-off is higher monthly payments due to PMI and a larger loan.

Down payment affects your interest rate too

Beyond PMI, a larger down payment often qualifies you for a lower interest rate — lenders see you as less risky. The difference between 5% and 20% down can mean 0.25-0.5% lower rate, which saves thousands over 30 years.

Down payment assistance programs

Many states and cities offer down payment assistance — grants, forgivable loans, or matched savings programs. FHA requires only 3.5% down, VA and USDA loans require 0%. Over 2,000 DPA programs exist in the US. Check your state housing finance agency's website.

Frequently asked questions

How much should I put down on a house?

20% is ideal (avoids PMI, gets best rates) but not required. First-time buyers average 6–7% down. Minimum: 3% conventional, 3.5% FHA, 0% VA/USDA. On a $350,000 home: 20% = $70,000, 10% = $35,000, 3.5% = $12,250. Put down whatever doesn't drain your emergency fund.

Is it better to put 20% down or invest the difference?

Depends on the math. PMI on 10% down costs about $100–$200/month. Investing the extra $35,000 at 7% earns ~$2,450/year. If PMI costs $1,800/year and investing earns $2,450, keeping the lower down payment and investing wins — but only if you actually invest the difference.

What is PMI and how much does it cost?

Private Mortgage Insurance protects the lender (not you) if you default with less than 20% equity. Cost: 0.5–1.5% of the loan per year, or $58–$175/month on a $200,000 loan. It automatically cancels when you reach 20% equity (78% LTV), or you can request cancellation at 80%.