Down Payment Calculator — How Much Down Payment Do You Need?

How to Use the Down Payment Calculator

This down payment calculator helps you decide how much to put down on a home by comparing four common scenarios — 5%, 10%, 15%, and 20% — side by side. Simply enter your home price, loan term, and interest rate, and the calculator instantly shows the down payment amount, resulting loan amount, monthly principal and interest payment, and whether PMI is likely to apply for each scenario.

This makes it easy to see the real trade-off: a smaller down payment gets you into a home sooner with less cash upfront, but usually means a higher monthly payment and added PMI cost until you build enough equity.

What Affects How Much You Should Put Down?

• Available cash savings — your down payment is limited by how much you can realistically save while still keeping an emergency fund and covering closing costs.
• PMI thresholds — in PMI-common markets like the US and Canada, crossing the 20% down payment mark eliminates a recurring monthly cost.
• Interest rate — some lenders offer slightly better rates for larger down payments due to lower perceived risk.
• Monthly budget — a smaller down payment means a bigger loan and higher monthly payment, which needs to fit comfortably within your budget.

How the Down Payment Percentage Calculator Works

For each down payment percentage, the calculator works out the resulting loan amount and monthly principal & interest payment side by side, so you can see the trade-off at a glance. When the down payment is below 20% in a market where PMI is common, it also estimates monthly PMI based on the resulting loan-to-value ratio and a representative credit score, giving you a realistic all-in comparison across each scenario rather than just comparing loan amounts.

Tips for Choosing Your Down Payment

• If avoiding PMI is a priority, target the 20% down payment column in the comparison table.
• If cash flow matters more than avoiding PMI, a 5-10% down payment may let you buy sooner while still keeping payments manageable.
• Always keep some savings in reserve after your down payment and closing costs for unexpected repairs.
• Check first-time buyer programs in your country, which sometimes offer reduced down payment requirements.
• Re-run this house down payment calculator whenever your target home price or interest rate assumptions change.