Down Payment Calculator
A down payment is the upfront portion of a property's purchase price that you pay out of pocket, with the remainder financed through a mortgage or loan. This calculator lets you enter the home price and either a percentage or a fixed dollar amount to instantly see how much you'll owe at closing and how large your financed loan will be.
Lenders typically require private mortgage insurance (PMI) when your down payment is below 20% of the purchase price, which adds to your monthly costs. Understanding the relationship between your down payment, loan amount, and interest charges is essential for planning a home purchase within your budget.
How it works
Down Payment Amount = Property Price × (Down Payment % ÷ 100). Loan Amount = Property Price − Down Payment Amount. Down Payment % = (Down Payment Amount ÷ Property Price) × 100.
Use cases
- Planning a first home purchase and estimating how much cash you need upfront
- Comparing different down payment scenarios to find the right balance
- Checking whether your down payment exceeds the 20% PMI threshold
- Calculating financed loan amounts to estimate monthly mortgage payments
- Preparing a savings goal timeline for a future home purchase