Down Payment Calculator
$0.00 target down payment
How Much Down Payment Do You Actually Need?
There's no single required down payment — conventional loans often allow as little as 3-5% down, FHA loans allow as little as 3.5%, and VA loans can allow 0% down for eligible borrowers. 20% is simply the threshold that lets you avoid private mortgage insurance (PMI) on a conventional loan.
What Changes Below 20% Down
Putting down less than 20% typically means paying PMI — usually 0.3% to 1.5% of your loan amount per year — until you reach 20% equity. It's not wasted money exactly, but it is an extra ongoing cost worth weighing against the years it would take to save a larger down payment.
Turn This Into a Full Payment Estimate
Once you know your target down payment, plug the resulting loan amount into the mortgage calculator to see your full estimated monthly payment, including taxes, insurance, and PMI if applicable.
Frequently Asked Questions
Do I need 20% down to buy a home?
No. Conventional loans often allow 3-5% down, FHA loans allow as little as 3.5%, and some VA loans allow 0% down. 20% simply avoids PMI.
What counts toward my down payment?
Personal savings, gift funds from family (subject to lender documentation rules), and some down payment assistance programs can all count, depending on your loan type.