Down Payment Calculator
Find out how much you need to save for a down payment and when you'll reach your goal.
Your Home & Savings
Enter your home buying goals
Home Purchase
0 is valid for VA/USDA. Blank uses 20%.
Minimum 3% down
Using 0.30%/yr — typical PMI for 80.0% LTV; your credit score moves it. Confirm the real figure with your lender.
Not charged at this down payment, so it adds nothing to the results.
Your Savings
High-yield savings accounts offer 4-5% APY. Enter 0 for a plain cash account and the timeline becomes simple division.
How Much Down Payment Do You Need?
The down payment is one of the largest upfront costs when buying a home. While the traditional 20% down payment helps you avoid private mortgage insurance (PMI), many loan programs allow much lower down payments.
Down Payment Requirements by Loan Type
- Conventional: As low as 3% for first-time buyers, 5% standard
- FHA: 3.5% minimum with 580+ credit score
- VA: 0% down for eligible veterans and service members
- USDA: 0% down for rural property purchases
- Jumbo: Typically 10-20% minimum for loans over conforming limits
Mortgage Insurance Is Not the Same on Every Loan
A 20% down payment only removes mortgage insurance on conventional and jumbo loans. FHA charges an annual MIP that a bigger down payment does not remove, USDA charges an annual guarantee fee for the life of the loan, and VA charges no monthly mortgage insurance at all (there is a one-time funding fee at closing instead). The calculator applies each program's own rate and lets you override it with your lender's quote.