Down Payment Calculator
Calculate how much you need to put down for a house or car.
Market Insights
A larger down payment usually means better mortgage rates and no PMI (at 20%+).
Plan Your Purchase
Enter your home price to determine the exact down payment required and its impact on your mortgage.
Understanding Down Payments
A down payment is a type of upfront payment made in cash during the onset of the purchase of an expensive good or service.
20% Rule
20% Rule: Putting 20% down on a home often allows you to avoid Private Mortgage Insurance (PMI), saving you money on your monthly payments.
Interest Savings
Interest Rate: A larger down payment can sometimes qualify you for a lower interest rate because the lender perceives less risk.
Down Payment Calculation
DP = Price × RateYour down payment is calculated as a percentage of the total purchase price of the home.
Common Scenarios
Conventional 20% Down
Putting $80,000 down on a $400,000 home to avoid PMI and lower interest.
FHA 3.5% Down
A $10,500 down payment on a $300,000 home, ideal for first-time buyers with limited cash.