OmniCalcsDown Payment Calculator
See how much cash you need up front and how the down payment changes your monthly cost.
How to Use This Down Payment Calculator
Enter the home price and the percentage you plan to put down. The calculator shows the cash you need, the loan amount, the monthly principal-and-interest payment, and any PMI you will pay.
- Down payment % — 20% avoids PMI; smaller down payments mean more cash today but higher monthly costs.
- Loan amount — price minus the down payment.
- PMI — usually required below 20% down; it typically drops off once you reach 20% equity.
- Total monthly — principal, interest and PMI, before taxes and insurance.
Practical Example
A $400,000 home with 10% down at 6.5% for 30 years:
- Down payment = $400,000 × 10% = $40,000
- Loan amount = $360,000
- Monthly principal & interest ≈ $2,276
- PMI at 0.5%/yr ≈ $150 per month
Raising the down payment to 20% ($80,000) removes the PMI and lowers the loan, cutting the monthly payment.
What Your Results Mean
- Down payment — the cash you pay up front; keep closing costs in mind on top of this.
- PMI — insurance that protects the lender, not you, and disappears at 20% equity.
- Trade-off — a larger down payment needs more cash but lowers the loan, the payment and the interest.
Frequently Asked Questions
How much should I put down?
Twenty percent avoids PMI and gives the lowest payment, but many buyers put down 5–10% to buy sooner. Aim for the largest down payment that keeps a healthy emergency fund.
What is PMI and when does it end?
Private mortgage insurance protects the lender when your down payment is under 20%. It usually ends automatically once your loan balance reaches 80% of the home's value.
Does the down payment include closing costs?
No. Closing costs — typically 2–5% of the price for title, appraisal and lender fees — are separate from the down payment. Budget for both.
Can I put down more than 20%?
Yes. A larger down payment lowers the loan and the interest you pay, though it ties up more cash that could otherwise stay liquid or invested.
Are there low-down-payment loans?
Some government-backed loans allow 0–3.5% down, but they often add insurance premiums. Compare the total monthly cost, not just the minimum cash needed.