Number Down Payment Calculator
The down payment is only part of the cash a home actually takes. Enter a price and a down payment — as a percent or a dollar figure, whichever way you think in — and see the loan amount, whether PMI will apply, closing costs, and the true total cash to close.
How it works
Down payment percent × price gives the cash down; price minus that is the loan. PMI (private mortgage insurance) is the tripwire: on a conventional loan, putting down under 20% means paying a monthly insurance premium that protects the lender, not you, until you reach roughly 20% equity. Closing costs are estimated as a percent of price (2–5% is the honest range), and the total cash to close is down payment + closing costs — the number your bank account actually needs.
Formula & worked example
Formula: Down payment = home price × percent down. Loan amount = price − down payment. Closing costs are estimated at 2–5% of the price, and total cash to close = down payment + closing costs. Below 20% down, a conventional loan also carries PMI (private mortgage insurance).
Worked example: A $400,000 home with 10% down: $40,000 down, a $360,000 loan, and closing costs around $12,000 at 3% — about $52,000 total cash to close, plus PMI because the down payment is under 20%. At 20% down the PMI disappears.
When to use this
- You have a target home price and need a savings goal that covers the real cash to close, not just the down payment.
- You think in dollars saved rather than percentages and want the percent and loan size worked out from the amount.
- You are choosing between buying sooner with a small down payment and waiting to clear the PMI line.
- A first quote surprised you with closing costs and you want to see the whole cash picture in one place.
How to use it, step by step
- Enter the home price you are aiming at.
- Choose By percent or By amount, depending on how you think about your savings.
- Enter your down payment in the mode you picked.
- Set closing costs as a percent of price based on your area and loan type.
- Read the loan amount, the total cash to close and whether PMI applies.
- Re-run at 20% down to see exactly how much extra cash buying your way out of PMI would take.
What the inputs mean
| Input | What it is | Typical values |
|---|---|---|
| Home price | The purchase price being modelled | Use a real listing price where you can |
| Down payment | Cash toward the price, entered as a percent or a dollar amount | 3.5% FHA minimum to 20% for no PMI |
| Closing costs percent | Estimated closing costs as a share of the price | Typically 2–5% depending on state and lender |
Another worked example
For a $275,000 home with 5% down: the down payment is $13,750.00, the loan amount is $261,250.00, and closing costs at the 3% estimate are $8,250.00 — so total cash to close is $22,000.00, and PMI applies because 5% is under the 20% line. The small down payment keeps more cash in the bank for moving and repairs; the monthly PMI is the price of doing it that way.
Frequently asked questions
How much cash do I need for a $400,000 home with 10% down?
The down payment is $40,000. Add closing costs at a typical 3% — $12,000 — and the total cash to close is about $52,000, on a $360,000 loan. And because 10% is under the 20% line, expect PMI on top of the monthly payment until you build equity.
Why is 20% down such a big deal?
It is the PMI threshold for conventional loans. Below it you pay private mortgage insurance — commonly 0.5–1% of the loan per year, billed monthly — for coverage that protects the lender. On a $360,000 loan that can be $150–$300 a month that builds you nothing.
Is it always smart to put 20% down?
Not always: draining every account to dodge PMI leaves nothing for moving, repairs or emergencies, and some buyers come out ahead investing the difference. The honest comparison is PMI cost versus what the extra cash earns or protects elsewhere — the numbers above let you see the actual size of both.
What counts as closing costs?
Lender origination and processing fees, appraisal, credit report, title search and insurance, recording fees, plus prepaids — a year of homeowners insurance and several months of property taxes held in escrow. Budget 2–5% of the price; sellers sometimes cover part of it as a negotiated credit.
🏦 Got the cash figured out?
The Mortgage Calculator turns that loan amount into a monthly payment, total interest and a payoff schedule.
Can gift money or assistance programs form part of the down payment?
Often, yes. Many loan programs accept gift funds from family for some or all of the down payment, usually with a signed gift letter stating the money does not have to be repaid, and many states and employers run down-payment assistance programs with their own income and first-buyer rules. Your lender has to document the source of every large deposit either way, so raise gifts and assistance early in the application, not at closing.
How much cash should I still have left after closing?
Beyond the cash to close, lenders may require reserves — commonly a few months of housing payments still sitting in your accounts — and your own budget needs moving costs, immediate repairs and an emergency fund that survives the purchase. A down payment that empties every account leaves the house owning you; if 20% down means zero left over, a smaller down payment with PMI can be the safer buy.