Down payment calculator
How much to put down on a home, the cash you need and how long it takes to save.
About this calculator
This down payment calculator shows how much cash you need to buy a home: the down payment plus closing costs, and the mortgage payment that follows.
Add your savings and what you can put aside each month to see how long it will take, and compare down payments from 3.5% to 25%.
How it works
The down payment is the price × your percentage, and the loan is the rest. The cash you need adds the closing costs. The time to save grows your savings each month, with interest, until they cover that cash.
Last reviewed:
Worked example
- Home price: $350,000
- Down payment: 20%
- Closing costs: 3% of price
- Mortgage rate: 6.5% a year
- Loan term: 30 yr
- Saved so far: $20,000
- You can save each month: $1,000
- Interest on savings: 4% a year
Down payment: $70,000
Common questions
How much should I put down on a house?
20% avoids mortgage insurance on most conventional loans, but many buyers put down 3% to 10%. In the US, FHA loans allow 3.5% with a credit score of 580 or more.
What are closing costs?
Fees for the loan, title, appraisal and taxes, paid when you buy. In the US they are often about 2% to 5% of the price.
Is a bigger down payment always better?
It lowers the loan and the monthly payment, but don't use your emergency savings for it. Keep enough cash for repairs and surprises.
Sources and further reading
The story behind it
Where the idea came from: Before the 1930s, home buyers in the United States often had to put down about half the price and repay the rest within a few years.
The Federal Housing Administration, created in 1934, helped make long loans with small down payments normal. Today 20% down avoids mortgage insurance on most conventional loans, but many buyers put down far less.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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