Down Payment Calculator
Compare every down payment scenario and find your fastest path to homeownership
A down payment is the upfront cash you pay toward a home purchase — the rest is financed through a mortgage. This calculator compares five down payment levels (3%, 3.5%, 5%, 10%, 20%), showing your exact monthly payment, total PMI cost, months needed to save based on your current savings rate, and how much interest you'll save by putting more down — using 2026 mortgage rates and PMI benchmarks.
How Down Payment Affects Your Mortgage
Every percentage point of additional down payment reduces your loan principal, your monthly payment, your total interest, and — past 20% — eliminates PMI entirely. The relationship is linear for loan size but exponential for total cost savings when compounded over 30 years.
| Metric | Formula |
|---|---|
| Down Amount | Home Price × Down % |
| Loan Amount | Home Price − Down Amount |
| LTV | Loan Amount ÷ Home Price × 100 |
| Monthly PMI | Loan Amount × PMI Rate ÷ 12 (cancels at 80% LTV) |
| Months to Save | (Down Amount − Current Savings) ÷ Monthly Savings |
Example: $400,000 home, 5% down ($20,000), loan = $380,000. PMI at 0.9% = $285/month for ~84 months = $23,940 in PMI. With 20% down ($80,000), loan = $320,000, no PMI, monthly payment drops ~$395/month, total interest savings ~$48,000 over 30 years.
💡 Expert Pro-Tip
The "10% sweet spot" beats 3.5% for FHA borrowers who can swing it. Putting 10% down on an FHA loan limits MIP to 11 years instead of the life of the loan — saving $15,000–$25,000 on a typical loan. And unlike 3.5% FHA, a 10% conventional loan (PMI cancels at 80% LTV) often wins long-term. Run both scenarios: your real choice is usually between FHA at 3.5% (buy now, higher lifetime cost) vs. waiting 12–18 months to hit 10–20% conventional (lower lifetime cost, delayed equity building).
Down Payment Calculator 2026
Your Situation
Down Payment Scenarios
Based on your results — what to do next:
How much house can you afford?
With $30,000 saved, you can put 7.5% down. Check if the home price fits your income.
Build a savings plan to hit your down payment
You need $50,000 more for 20% down. Set a monthly savings target and timeline.
Buying with less than 20%? Check FHA terms
FHA loans allow 3.5% down ($14,000) with MIP instead of PMI — compare total costs.