Down Payment Calculator
Figure out exactly how much down payment you need, how long it'll take to save, and how your down payment size changes your monthly mortgage and PMI. Compare 3%, 5%, 10%, 15%, and 20% side-by-side.
Your Savings
Determines your goalAlready Saved
$25,000
27.78% of 20% goal
Still Need to Save
$65,000
Remaining amount
Time to Goal
3y 8m
At $1,500/mo
Crossing 20% Saves You on PMI
Compare Down Payment Tiers
| Down % | Amount | Monthly Payment | PMI | Time to Save |
|---|---|---|---|---|
| 3% | $13,500 | $3,607 | $273/mo | Goal reached |
| 5% | $22,500 | $3,544 | $267/mo | Goal reached |
| 10% | $45,000 | $3,388 | $253/mo | 1y 2m |
| 15% | $67,500 | $3,232 | $239/mo | 2y 5m |
| 20%YOUR TARGET | $90,000 | $2,850 | None | 3y 8m |
Swipe the table sideways to see all columns →
The 3% tier reflects the minimum for most conventional loans (Fannie Mae HomeReady, Freddie Mac Home Possible). FHA loans allow 3.5% down. VA and USDA loans can allow 0% down for qualifying borrowers. Putting less down raises your monthly payment and adds PMI, but lets you buy sooner.
How to use this calculator
Start with the home price you're targeting. Then enter your current savings set aside for the down payment, and your monthly savings ability (how much you can set aside per month going forward).
Adjust the Target Down Payment % slider to compare scenarios. The default is 20% — the threshold that eliminates PMI — but you can go as low as 3% (the common conventional minimum) or up to 30%.
The progress bar at the top shows how close you are to your goal. Below, the comparison table shows what 3%, 5%, 10%, 15%, and 20% each look like: the amount you need, your monthly payment, whether PMI applies, and how long it would take to save.
The green PMI callout appears when you're comparing a tier below 20% — it tells you how much putting 20% down saves you per year and over the typical 8 years until PMI cancels on its own.
How it works
Your down payment does four things at once. It reduces how much you borrow (so your monthly principal and interest is smaller). It lowers your loan-to-value ratio, which can earn you a better interest rate. It determines whether you need PMI. And it affects how much cash reserve you keep on hand for emergencies and closing costs.
Here's the tradeoff. Putting less down — 3% or 5% — lets you buy sooner and keeps more cash on hand, but adds PMI (typically $50–$200/month on a typical home) and means higher monthly mortgage payments because you're borrowing more. Putting more down — 20%+ — eliminates PMI and cuts your monthly payment, but ties up tens of thousands in your home that you can't easily access.
The “right” down payment depends on the math for your situation. If you'll be in the home less than 5 years, saving longer for 20% is often not worth the delay — PMI for a few years can cost less than the rent you'd pay while saving. If you'll stay 10+ years, the monthly savings from hitting 20% compound into serious money.
Minimums by loan type: Conventional loans start at 3% (HomeReady, Home Possible) or 5% for most programs. FHA loans start at 3.5% with a 580+ credit score. VA loans and USDA loans allow 0% down for qualifying borrowers. Putting less down still means a bigger loan and more interest paid over time — the minimum isn't always the best choice, just the earliest you can buy.