Down Payment Calculator
Home & Down Payment
Calculation Results
| Purchase Price | — |
|---|---|
| Loan Amount | — |
| Down Payment Amount | — |
| Closing Costs Amount | — |
| Upfront Cash Needed | — |
| Monthly Principal & Interest Payment | — |
| Total Interest Paid | — |
| Total Payments | — |
Visual Breakdown
Enter values and press Calculate to see the loan breakdown pie chart and balance path line chart.
How to Use This Down Payment Calculator
You saved a chunk of cash and every listing online shows a price—but how much house does that stack actually buy once closing costs take their cut? This calculator works backwards from the cash in your account, which is how most first-time buyers actually think about the problem.
- Enter upfront cash available. Include money earmarked for both down payment and closing costs—not just the down payment slice.
- Set your target down payment percentage. Try 20% to avoid PMI on conventional loans, or 3.5% to model FHA territory.
- Enter closing costs as a percentage. The default is 3% of purchase price—a rough buyer-side estimate; adjust to match your lender's Loan Estimate.
- Add interest rate and loan term. These drive the monthly P&I on the resulting loan amount.
- Press Calculate. See maximum purchase price, loan amount, cash breakdown, monthly payment, charts, and amortization schedule.
For government-backed payment details, try the FHA Loan Calculator or VA Mortgage Calculator. To stress-test monthly budget headroom, use the House Affordability Calculator.
Down Payment Formulas and Practical Applications
Your down payment is the equity stake you bring on day one—like putting cash down on a car instead of financing the full sticker. The rest is the mortgage. Closing costs are separate cash outlays at the table, and forgetting them is the fastest way to come up short at signing.
Working backwards from available cash
If down payment and closing costs are both percentages of purchase price, your cash must cover both:
Cash = Price × (Down % + Closing %)
Max Price = Cash / (Down % + Closing %)
With $69,000 available, a 20% down payment and 3% closing costs (23% combined), the maximum purchase price is $300,000 ($69,000 ÷ 0.23).
Loan amount and monthly payment
Once purchase price is known, the loan and payment follow standard amortization:
Down Amount = Price × Down %
Loan = Price − Down Amount
M = Loan × [ i(1 + i)ⁿ ] / [ (1 + i)ⁿ − 1 ]
On a $300,000 home with $69,000 total cash (20% down + 3% closing), you put $60,000 down and finance $240,000. At 6.54% over 30 years, P&I is about $1,523 per month.
Down payment thresholds that matter
The percentage you choose affects more than monthly payment size:
- 3% to 3.5% — Entry point for many conventional (first-time) and FHA programs; mortgage insurance required.
- 5% to 10% — Lower PMI on conventional loans; better FHA MIP tier at 5%+.
- 20% — Conventional PMI typically avoided; strongest offer profile in competitive markets.
Run the calculator at 10% and 20% with the same cash pool to see how a higher down percentage reduces your max price but also shrinks the loan and monthly payment on whatever you buy.
Frequently Asked Questions
How does this down payment calculator work backwards from cash?
You enter total upfront cash available, a down payment percentage, and closing costs percentage. The tool solves for the maximum purchase price where down payment plus closing costs equal your cash.
What down payment avoids PMI on a conventional loan?
Putting 20% down on a conventional loan typically eliminates private mortgage insurance. Lower down payments require PMI until you reach roughly 20% equity.
Does the calculator include closing costs?
Yes. Closing costs are entered as a percentage of purchase price and subtracted from your available cash alongside the down payment to determine the maximum home price.
What is the FHA minimum down payment?
FHA loans allow as little as 3.5% down for eligible borrowers, though mortgage insurance premiums apply for most of the loan term.
Can I see how down payment size affects monthly payments?
Yes. Results show loan amount, monthly P&I, total interest, and an amortization schedule. Change the down payment percentage and recalculate to compare.