Down Payment Calculator
See how much you need to save, compare down payment scenarios, and plan your path to homeownership.
Down Payment
$80,000
+ Closing Costs (~3%)
$12,000
Total Needed
$92,000
Still Need to Save
$72,000
At $1,500/month, you'll reach your goal in 40 months (3.3 years)
Down Payment Comparison
See how different down payment amounts affect your monthly payment (at 6.5% rate, 30-year term)
| Down % | Amount | PMI | Monthly |
|---|---|---|---|
| 3% | $12,000 | Yes | $2,614 |
| 5% | $20,000 | Yes | $2,560 |
| 10% | $40,000 | Yes | $2,425 |
| 15% | $60,000 | Yes | $2,291 |
| 20% | $80,000 | No | $2,023 |
| 25% | $100,000 | No | $1,896 |
Realtors: Help Buyers Visualize Their Dream Home
Virtual staging at $0.10/photo helps buyers see the potential — especially first-time buyers who need help imagining.
Down Payment Options
Different loan programs have different minimum down payment requirements.
| Down Payment | Loan Type | Best For | PMI |
|---|---|---|---|
| 3% | Conventional 97 | First-time buyers with good credit (620+) | Yes |
| 3.5% | FHA | Buyers with lower credit scores (580+) | Yes (MIP) |
| 5% | Conventional | Buyers wanting lower PMI rates | Yes |
| 10% | Conventional | Buyers with moderate savings | Yes (lower rate) |
| 20% | Conventional | Buyers who want no PMI | No |
| 0% | VA / USDA | Veterans or rural area buyers | No (VA fee applies) |
How to Save Faster
Automate Savings
Set up automatic transfers to a dedicated down payment savings account every payday.
Reduce Expenses
Review subscriptions, dining out, and discretionary spending. Even $300/month saves $3,600/year.
Down Payment Assistance
Check state and local first-time buyer programs — many offer grants or forgivable loans.
Side Income
Freelancing, part-time work, or selling unused items can accelerate your savings timeline.
Frequently Asked Questions
How much down payment do I need for a house?
The traditional recommendation is 20% to avoid PMI, but many loan programs accept much less. FHA loans require as little as 3.5%, conventional loans can go as low as 3%, and VA/USDA loans offer 0% down for eligible buyers. The right amount depends on your financial situation and loan type.
Is it better to put 20% down or less?
Putting 20% down eliminates PMI (saving $100-300/month) and gives you lower monthly payments. However, a smaller down payment lets you buy sooner and keep more cash for emergencies. Run both scenarios in our calculator to see the tradeoff.
What is the minimum down payment for a first-time buyer?
First-time buyers have several low down payment options: FHA loans (3.5%), Conventional 97 (3%), USDA loans (0% in rural areas), and VA loans (0% for veterans). Many states also offer down payment assistance programs that can cover part or all of the down payment.
How long does it take to save for a down payment?
It depends on your savings rate and target. For a $400,000 home with 20% down ($80,000), saving $1,500/month takes about 4.5 years. Our calculator shows your personalized timeline based on your savings rate and current balance.
Can I use gift money for a down payment?
Yes, most loan programs allow gift funds from family members for part or all of the down payment. FHA and conventional loans accept gifts with proper documentation (gift letter). Some lenders may require the buyer to contribute a minimum amount from their own funds.