Down Payment Calculator — How Much to Put Down
The down payment decides your loan size, whether you pay PMI, and often your rate tier. Compare what different down payment percentages mean in dollars for the home you're eyeing.
- Loan amount
- $360,000.00
- Loan-to-value (LTV)
- 90.0%
Common down payment scenarios
| Down % | Down payment | Loan amount | PMI? |
|---|---|---|---|
| 3% | $12,000.00 | $388,000.00 | Yes |
| 5% | $20,000.00 | $380,000.00 | Yes |
| 10% | $40,000.00 | $360,000.00 | Yes |
| 15% | $60,000.00 | $340,000.00 | Yes |
| 20% | $80,000.00 | $320,000.00 | No |
How this calculator works
- Down payment = price × percent; the rest is your loan. LTV (loan ÷ value) above 80% triggers PMI on conventional loans, typically 0.3–1.5% of the loan annually until you reach 20% equity.
Frequently asked questions
Do I really need 20% down?
No — the median first-time buyer puts down about 8–9%. 20% avoids PMI and strengthens offers, but waiting years to save it can cost more in rising prices than PMI would.
What programs help with down payments?
FHA (3.5%), conventional 97 (3%), VA and USDA (0%), plus thousands of state and local down-payment-assistance grants — many first-time buyers qualify without knowing it.
Can my down payment be a gift?
Yes — conventional and FHA loans accept documented gift funds from family with a signed gift letter stating no repayment is expected.
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Disclaimer: Results are estimates for educational purposes only and are not tax, legal, or financial advice. Tax rules are simplified (credits, phase-outs, and local taxes may not be modeled). Verify important decisions with the IRS, your state tax authority, or a licensed professional.