Down Payment Calculator
Calculate home down payment amounts, closing costs, and PMI costs. Compare 3%, 5%, 10%, and 20% down payment options. See how long it will take to save for your home purchase.
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Typically 2-5% of home price
Your Savings Plan
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Total Cash Needed
$80,500
Down Payment: $70,000
Closing Costs: $10,500
Savings Progress25%
$20,000 saved$60,500 to go
Time to Goal
5 years 1 months
April 2031
Loan Amount
$280,000
Compare Down Payment Options
| Down Payment % | Amount | Total Upfront | Loan | Monthly PMI | Time Needed |
|---|---|---|---|---|---|
| 5% | $17,500 | $28,000 | $332,500 | $277 | 8 months |
| 10% | $35,000 | $45,500 | $315,000 | $263 | 2 years 2 months |
| 15% | $52,500 | $63,000 | $297,500 | $248 | 3 years 7 months |
| 20%(selected) | $70,000 | $80,500 | $280,000 | None | 5 years 1 months |
| 25% | $87,500 | $98,000 | $262,500 | None | 6 years 6 months |
Why Use Down Payment Calculator?
Buying a home requires significant upfront cash beyond just the down payment. This calculator helps you understand the full picture - including closing costs - and creates a realistic savings timeline. Compare different down payment percentages to see how they affect your monthly PMI costs and how long you'll need to save.
Frequently Asked Questions
How much down payment do I need?
While 20% is traditional and avoids PMI, you can buy a home with as little as 3-5% down. FHA loans require 3.5% minimum. The trade-off is higher monthly payments and PMI costs with lower down payments.
What is PMI and how much does it cost?
Private Mortgage Insurance (PMI) protects lenders when you put less than 20% down. It typically costs 0.5-1.5% of your loan annually, added to your monthly payment. PMI can be removed once you reach 20% equity.
What are closing costs?
Closing costs include loan fees, appraisal, title insurance, attorney fees, and prepaid items like property taxes and insurance. They typically range from 2-5% of the home price and are paid at closing.
Should I wait to save 20% or buy sooner?
It depends on your market and situation. Buying sooner lets you start building equity but costs more in PMI. Waiting for 20% saves money monthly but home prices may rise. Consider your local market conditions and financial stability.
Can closing costs be negotiated?
Yes, some closing costs are negotiable. You can ask the seller for credits, shop around for title insurance, or negotiate lender fees. Some programs offer closing cost assistance for first-time buyers.