Down Payment Calculator
Calculate how much you need for a down payment on your dream home. Different loan types have different down payment requirements.
Down Payment Required
$0
0% of home price
Total Cash Needed
Down Payment:
$0
Closing Costs:
$0
Other Costs:
$0
Total Cash Required:
$0
Loan Details
Loan Amount:
$0
LTV Ratio:
0%
Down Payment Requirements by Loan Type
Conventional Loans
- 3% down: Available for first-time buyers with excellent credit
- 5% down: Requires PMI (Private Mortgage Insurance)
- 10% down: No PMI required
- 20% down: Preferred by lenders, best rates
FHA Loans
- 3.5% down: Minimum for FHA loans
- Credit score: Minimum 580 for 3.5% down
- MIP: Mortgage Insurance Premium required
- Loan limits: Vary by county
VA Loans
- 0% down: No down payment required
- Eligibility: Veterans, active duty, surviving spouses
- Funding fee: 1.4-3.6% of loan amount
- No PMI: VA guarantees the loan
USDA Loans
- 0% down: No down payment required
- Location: Rural and suburban areas
- Income limits: Based on area median income
- Guarantee fee: Annual fee required
Understanding Down Payments
A down payment is the upfront cash you pay when purchasing a home. It reduces the amount you need to borrow and can affect your interest rate, monthly payments, and loan approval.
Benefits of a Larger Down Payment
- Lower Monthly Payments: Smaller loan amount means lower monthly payments
- Better Interest Rates: Lenders offer lower rates for lower LTV ratios
- No PMI: Avoid private mortgage insurance (required for <20% down on conventional loans)
- More Equity: Start with more ownership in your home
- Easier Approval: Lower debt-to-income ratio improves loan approval chances
Additional Closing Costs
Besides the down payment, you'll need funds for closing costs, which typically include:
- Loan origination fees: 0.5-1% of loan amount
- Appraisal fee: $300-600
- Title insurance: 0.5-1% of home price
- Title search: $200-400
- Property taxes: Prorated for the year
- Homeowners insurance: Annual premium
Important: Down payment requirements can vary by lender, location, and market conditions. Some programs offer down payment assistance. Consult with a mortgage lender for your specific situation.