{
  "id": "down-payment",
  "version": "65b919e189e4",
  "status": "published",
  "name": "Down Payment Calculator",
  "question": "How much down payment do I need?",
  "summary": "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.",
  "category": "finance",
  "subcategory": "loans",
  "url": "https://www.acalculator.org/finance/down-payment-calculator",
  "markdown": "https://www.acalculator.org/finance/down-payment-calculator.md",
  "kind": "formulas",
  "method": "down payment = price × percent ÷ 100; loan = price − down payment.",
  "assumptions": [
    "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."
  ],
  "inputs": {
    "$schema": "https://json-schema.org/draft/2020-12/schema",
    "type": "object",
    "properties": {
      "price": {
        "title": "Home price",
        "description": "The price of the home.",
        "type": "number",
        "x-unit": "USD",
        "exclusiveMinimum": 0,
        "maximum": 1000000000
      },
      "percent": {
        "title": "Down payment percent",
        "description": "The down payment as a percent of the price.",
        "type": "number",
        "x-unit": "percent",
        "minimum": 0,
        "maximum": 100
      },
      "down": {
        "title": "Down payment",
        "description": "The cash you pay toward the price.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 1000000000
      },
      "loan": {
        "title": "Loan amount",
        "description": "The price minus the down payment.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 1000000000
      }
    }
  },
  "solve": {
    "fillAny": 2,
    "variables": [
      "price",
      "percent",
      "down",
      "loan"
    ],
    "inputsOnly": []
  },
  "outputs": {
    "price": {
      "label": "Home price",
      "description": "The price of the home.",
      "format": "money"
    },
    "percent": {
      "label": "Down payment percent",
      "description": "The down payment as a percent of the price.",
      "format": "percent"
    },
    "down": {
      "label": "Down payment",
      "description": "The cash you pay toward the price.",
      "format": "money"
    },
    "loan": {
      "label": "Loan amount",
      "description": "The price minus the down payment.",
      "format": "money"
    },
    "ltv": {
      "label": "Loan-to-value",
      "description": "The loan as a percent of the price: 100 minus the down payment percent.",
      "format": "percent"
    },
    "fha": {
      "label": "FHA minimum (3.5%)",
      "description": "The smallest FHA down payment for this price: 3.5% of it.",
      "format": "money"
    },
    "noPmi": {
      "label": "Down payment for no PMI (20%)",
      "description": "The down payment that avoids PMI on a conventional loan: 20% of the price.",
      "format": "money"
    }
  },
  "defaultAnswer": {
    "inputs": {
      "price": 400000,
      "percent": 10
    },
    "outputs": {
      "down": 40000,
      "loan": 360000,
      "ltv": 90,
      "fha": 14000.000000000002,
      "noPmi": 80000
    },
    "text": "A 10% down payment on a $400,000.00 home is $40,000.00, leaving a $360,000.00 loan."
  },
  "examples": [
    {
      "given": {
        "price": 400000,
        "percent": 10
      },
      "expect": {
        "down": 40000,
        "loan": 360000,
        "ltv": 90,
        "fha": 14000,
        "noPmi": 80000
      },
      "source": "hand calculation in content.mdx: 400,000 × 10 ÷ 100 = 40,000"
    },
    {
      "given": {
        "down": 30000,
        "percent": 5
      },
      "expect": {
        "price": 600000,
        "loan": 570000
      },
      "source": "hand calculation in content.mdx: price = 30,000 ÷ 0.05 = 600,000"
    },
    {
      "given": {
        "price": 350000,
        "loan": 297500
      },
      "expect": {
        "down": 52500,
        "percent": 15
      },
      "source": "hand calculation in content.mdx: 350,000 − 297,500 = 52,500, and 52,500 ÷ 350,000 = 15%"
    },
    {
      "given": {
        "loan": 289500,
        "percent": 3.5
      },
      "expect": {
        "price": 300000,
        "down": 10500
      },
      "source": "HUD: the FHA minimum is 3.5% of the price; hand calculation in content.mdx: 289,500 ÷ 0.965 = 300,000",
      "tolerance": 1e-12
    }
  ],
  "sources": [
    "Fannie Mae, 97% Loan to Value Options (3% down on a conventional loan). https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/97-loan-value-options",
    "U.S. Department of Housing and Urban Development, What is the minimum down payment requirement for FHA? https://answers.hud.gov/FHA/s/article/What-is-the-minimum-down-payment-requirement-for-FHA",
    "Consumer Financial Protection Bureau, When can I remove private mortgage insurance (PMI) from my loan? https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/",
    "Freddie Mac, What are closing costs and how much will I pay? (2% to 5% of the purchase price). https://myhome.freddiemac.com/blog/homebuying/what-are-closing-costs-and-how-much-will-i-pay"
  ],
  "related": [
    "mortgage",
    "pmi",
    "closing-cost",
    "home-affordability"
  ],
  "changelog": []
}