acalculator

How much down payment do I need?

Find your down payment from the home price and percent, or work back to the price from the cash you have. Type any two values.

Your numbers

Down payment
$40,000.00

A 10% down payment on a $400,000.00 home is $40,000.00, leaving a $360,000.00 loan.

3% to under 20%: conventional loans add PMI

  1. Under 3%: below most conventional minimums
  2. 3% to under 20%: conventional loans add PMI
  3. 20% or more: no PMI on a conventional loan
Down payment $40,000.00Loan amount $360,000.00
10% down payment90% loan amount
Loan amount
$360,000.00
Loan-to-value
90%
FHA minimum (3.5%)
$14,000.00
Down payment for no PMI (20%)
$80,000.00

Down payment: $40,000.00. A 10% down payment on a $400,000.00 home is $40,000.00, leaving a $360,000.00 loan.

How much of the price is the down payment?

The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use

How to calculate

Computes the down payment, its percent of the home price, the price, and the loan amount from any two of them, with the loan-to-value and whether PMI applies.

Example with the default inputs (Home price $400,000.00, Down payment percent 10%): A 10% down payment on a $400,000.00 home is $40,000.00, leaving a $360,000.00 loan.

Formula: down payment = price × percent ÷ 100; loan = price − down payment.

  • The down payment is cash paid toward the price; closing costs are separate.
  • Minimums: 3% for many conventional loans, 3.5% for FHA with a credit score of 580 or more, and none for VA loans.
  • Conventional loans usually add PMI with less than 20% down.

Machine-readable copies: Markdown, JSON.

Worked examples

Each example is checked against the calculator on every build.

  1. Home price $400,000.00, Down payment percent 10% gives Down payment $40,000.00, Loan amount $360,000.00, Loan-to-value 90%, FHA minimum (3.5%) $14,000.00, Down payment for no PMI (20%) $80,000.00.
  2. Down payment $30,000.00, Down payment percent 5% gives Home price $600,000.00, Loan amount $570,000.00.
  3. Home price $350,000.00, Loan amount $297,500.00 gives Down payment $52,500.00, Down payment percent 15%.
  4. Loan amount $289,500.00, Down payment percent 3.5% gives Home price $300,000.00, Down payment $10,500.00.Source: HUD: the FHA minimum is 3.5% of the price

How it works

Write V for the home price, p for the down payment percent, D for the down payment, and L for the loan. Type any two; the page finds the other two from:

  • D = V × p ÷ 100
  • L = V − D
  • L = V × (1 − p ÷ 100)

So, for example, V = D ÷ (p ÷ 100) from a down payment and a percent; V = L ÷ (1 − p ÷ 100) from a loan and a percent; D = V − L and p = D ÷ V × 100 from a price and a loan. The price must be more than 0, and the percent must be from 0 to 100; inputs that give a price outside that (a 0% down payment with a down payment amount, or a 100% down payment with a loan) have no answer. If you type three values that do not agree, the page says the inputs are inconsistent.

Also shown:

  • Loan-to-value = L ÷ V × 100.
  • FHA minimum = 3.5% of V. Down payment for no PMI = 20% of V.
  • A verdict on p: under 3% is below most conventional minimums; 3% to under 20% means a conventional loan adds PMI; 20% or more means no PMI.

Assumptions

  • The down payment is cash paid toward the price. Closing costs are separate and not included.
  • Minimums: 3% for many conventional loans (Fannie Mae's 97% loan-to-value options), 3.5% for FHA with a credit score of 580 or more, and none for VA loans. Lenders may ask for more.
  • Conventional loans usually require PMI with less than 20% down.

Worked examples by hand

A $400,000 home with 10% down. D = 400,000 × 10 ÷ 100 = $40,000, L = 400,000 − 40,000 = $360,000, and the loan-to-value is 90%. The FHA minimum would be 0.035 × 400,000 = $14,000, and 20% down (no PMI) is $80,000.

$30,000 saved for a 5% down payment. V = 30,000 ÷ 0.05 = $600,000, and L = 600,000 − 30,000 = $570,000.

A $350,000 home with a $297,500 loan. D = 350,000 − 297,500 = $52,500, and p = 52,500 ÷ 350,000 × 100 = 15%.

An FHA loan of $289,500 with 3.5% down. V = 289,500 ÷ (1 − 0.035) = 289,500 ÷ 0.965 = $300,000, and D = 300,000 × 0.035 = $10,500.

Other questions people ask

How do I calculate a down payment?

Multiply the home price by the down payment percent. A 10% down payment on a $400,000 home is 400,000 × 0.10 = $40,000, and the loan is the rest: $360,000.

How much down payment do I need?

It depends on the loan. Many conventional loans allow 3% down, FHA loans need 3.5% with a credit score of 580 or more, and VA loans can need none. Lenders set their own rules too, so ask yours.

Do I need 20% down?

No, but with less than 20% down a conventional loan usually adds private mortgage insurance, which raises the monthly payment until you reach enough equity. With 20% down there is no PMI.

How much house can I buy with the cash I have?

Type your down payment and the percent you plan to put down. $30,000 at 5% down supports a price of 30,000 ÷ 0.05 = $600,000. Keep cash for closing costs too, which Freddie Mac puts at 2% to 5% of the price.

What is loan-to-value?

The loan as a percent of the price: 100 minus the down payment percent. A 10% down payment gives a 90% loan-to-value. Lenders use it to set PMI, FHA premiums, and some rates.

Should I put down more or keep cash?

A bigger down payment lowers the loan, the payment, and the interest, and can remove PMI. Keeping cash leaves room for closing costs, repairs, and an emergency fund. Many buyers aim for the point where PMI ends and keep the rest.