Down Payment Calculator
Calculate a home down payment, closing costs, total cash needed, loan amount and LTV, and how many months it takes to save the rest at your saving rate.
Results
- Closing costs are estimated as a percentage of the price (typically 2–5%). Lenders usually require PMI below 20% down.
What is Down Payment Calculator?
Works out the down payment for a home price and percentage, estimated closing costs, the total cash you need, the resulting loan amount and loan-to-value ratio, how much is still to save and how long that takes.
How to use Down Payment Calculator
- Enter the Home price and the Down payment percentage (or click 3.5%, 5%, 10% or 20%).
- Optionally enter closing costs as % of price, what you have Already saved and what you can save per month.
- Read the cash needed and the time to save.
Example
Price 300,000, 20% down, 3% closing, 20,000 saved, 1,000/month
Down payment 60,000.00; cash needed 69,000.00; loan 240,000.00; time to save 4 yr 1 mo
When to use Down Payment Calculator
Use it early in house hunting to set a target and timeline. Closing costs vary widely by country and state; check local estimates.
How Down Payment Calculator works
Down payment = price × down %. Closing costs = price × closing %. Cash needed = down payment + closing costs. Loan = price − down payment and LTV = loan ÷ price. Still to save = cash needed − savings, and months = still to save ÷ monthly saving, rounded up. Interest on savings is not included. Below 20% down a PMI warning is shown.
Common Use Cases
- Setting a savings target for a first home
- Comparing 10% and 20% down
- Estimating total cash to bring to closing
- Checking LTV for loan eligibility
FAQs
Do I need 20% down?
Not always, but below 20% many lenders charge mortgage insurance (PMI) and some loan types have their own minimums.
What is LTV?
Loan-to-value: the loan divided by the property price. Lower LTV usually means better rates.
Are moving costs included?
No, only the down payment and the closing cost percentage you enter.