Calculate how much you need for a down payment on a house. See your loan amount and whether PMI will be required based on your percentage.
30-year fixed-rate mortgages — updated April 2026
| Lender | Rate | APR | Est. Payment | Action |
|---|---|---|---|---|
Community Credit UnionBest Rate | 6.125% | 6.280% | $1,217/mo | Check Rate |
National Lending Co | 6.250% | 6.410% | $1,231/mo | Check Rate |
Big Bank Mortgage | 6.375% | 6.520% | $1,247/mo | Check Rate |
Premier Mortgage | 6.450% | 6.580% | $1,258/mo | Check Rate |
Digital Home Loans | 6.500% | 6.630% | $1,264/mo | Check Rate |
Rates shown are for illustrative purposes. Actual rates may vary based on credit score, loan amount, down payment, and market conditions. Contact lenders directly for personalized rate quotes.
The size of your down payment affects your loan amount, monthly payment, and whether you pay PMI. A 20% down payment eliminates mortgage insurance entirely, while FHA loans allow as little as 3.5% down. This calculator helps you find the sweet spot between affordability and long-term cost.
The Down Payment Calculator computes the dollar amount you need to put down on a home purchase and determines whether you will be required to pay Private Mortgage Insurance (PMI). The calculation is straightforward: down payment dollar amount equals home price multiplied by down payment percentage, and the loan amount equals home price minus down payment. PMI is typically required when the down payment is less than 20% of the home price. PMI rates generally range from 0.5% to 1.5% of the loan amount annually, which translates to roughly $140 to $210 per month on a $280,000 loan. This calculator helps you understand the trade-off between a larger down payment (more upfront cash, lower monthly payment, no PMI) versus a smaller down payment (more cash available for emergencies or renovations, butPMI added monthly). This calculator is useful for first-time homebuyers figuring out how much to save, those evaluating whether to wait for a larger down payment or buy sooner with less down, and sellers or agents helping buyers understand their options. It also helps model different scenarios: putting 5% down versus 10% versus 20%, showing how each affects the loan amount, PMI requirement, and monthly payment. For FHA loans, the minimum down payment is 3.5% with mortgage insurance premiums (MIP) that work differently from conventional PMI. VA loans offer 0% down for eligible borrowers. This calculator does NOT account for closing costs, which are separate from the down payment and typically add 2%–5% of the loan amount to your upfront cash needs. It does not model the effect of different loan terms on required down payment. It assumes a single home purchase rather than multi-family property where the calculation of PMI thresholds can differ. The PMI rate shown is an estimate — your actual PMI rate depends on your credit score, lender, and loan type. Always factor in both closing costs and PMI when planning your total cash to close.
Result: On a $350,000 home with a 20% down payment ($70,000), the loan amount is $280,000. Because the down payment meets the 20% threshold, no PMI is required — saving the borrower approximately $140–$210/month compared to a 10% down scenario.
Understanding how to use financial calculators effectively requires knowing the underlying concepts. The down payment involves several key financial principles that affect your results.
Our calculator uses industry-standard formulas verified by certified financial professionals. The inputs you provide are processed entirely in your browser — we never store or transmit your financial data. Results update in real time as you adjust values, allowing you to explore different scenarios quickly.
For the most accurate results, use current figures from your most recent financial statements. If you are unsure about a specific input, our default values represent national averages based on data from the Federal Reserve, IRS, and Bureau of Labor Statistics.
Remember that calculator results are estimates for educational purposes. Your actual financial situation may differ based on factors like your credit score, specific lender terms, local regulations, and market conditions. We recommend consulting with a qualified financial professional before making major financial decisions.
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Results are estimates only and not financial advice. Calculator logic verified by Michael Chen, CFP®. Full disclaimer · Methodology