This down payment calculator estimates cash needed from price and down payment percent fields on the page.
Next, stress payment size with the mortgage calculator or check budget fit on the house affordability calculator. Rent tradeoffs belong on the rent vs buy calculator.
Minimum down payment by loan type
- VA purchase loan: 0% for eligible veterans, servicemembers and qualifying surviving spouses. There is no PMI, but there is a VA funding fee.
- USDA guaranteed loan: 0% for eligible rural properties within income limits. Upfront and annual guarantee fees apply.
- Conventional (for example, Fannie Mae HomeReady): 3%, which is up to 97% loan-to-value, with income generally capped at 80% of area median income.
- FHA: 3.5% with a credit score of 580 or higher. Scores of 500–579 need 10% down. Compare it with conventional PMI in our FHA vs conventional loan guide.
Down payment calculator example: a $350,000 home at 3%, 3.5% and 20%
- 3% conventional: $10,500 down, $339,500 loan.
- 3.5% FHA: $12,250 down, $337,750 base loan. The FHA upfront mortgage insurance premium is 1.75%, so $5,910.63, which is usually financed. Annual MIP comes on top.
- 20% conventional: $70,000 down, $280,000 loan, and no PMI.
HUD’s counselor training material says PMI typically runs 0.5% to 1.5% of the loan amount per year. On the $339,500 loan, that is about $1,698 to $5,093 a year, or roughly $141 to $424 a month, depending mostly on credit score and loan-to-value. Ask lenders for real quotes, and read the CFPB home buying guide before you choose. That range is only a typical spread.
When PMI comes off a conventional loan
Under the Homeowners Protection Act:
- You can ask in writing to cancel PMI once your balance is scheduled to reach, or you have paid it down to, 80% of the original value. You need a good payment history, no junior liens, and proof the value has not dropped.
- The servicer must end PMI automatically at 78% of original value if you are current, or at the loan’s midpoint (15 years on a 30-year loan), whichever comes first.
For the $350,000 example, 80% is a $280,000 balance and 78% is $273,000. “Original value” means the lower of the purchase price and the appraisal.
FHA works differently. For FHA loans with more than 10% down (90% LTV or less), annual MIP lasts 11 years. With the usual 3.5% down, it lasts for the life of the loan. Many FHA borrowers refinance into a conventional loan later to drop it. To see the full monthly FHA payment with MIP, use the FHA loan calculator.
Choosing a percent: cash today vs. cost over time
A bigger down payment lowers the loan, the monthly payment and the mortgage insurance. It also leaves less cash for closing costs, moving and an emergency fund. Run the calculator at two or three percentages. Price the loan and insurance for each, then add closing costs separately, because they are not part of the down payment figure. Our guide to how much closing costs are shows the fees to expect.
Gift money and documentation
Many programs let part or all of the down payment come from a gift. Fannie Mae HomeReady, for example, allows flexible gift and grant sources. Lenders will usually ask for a signed gift letter and a paper trail showing the funds moving from the donor to your account. Large unexplained deposits in recent bank statements can delay underwriting. Enter only money you can document in the down payment calculator, and treat gifts that have not arrived yet as uncertain.
Before you settle on a number in the down payment calculator, add up your cash on hand and keep a reserve for repairs and surprises. A slightly smaller down payment that leaves you with savings is often safer than emptying your account to reach a round percentage.
Last reviewed: October 2026