Down Payment Calculator
- Updated
- Formula shown
- Free, no sign-up
Results
You need $92,000 in cash: $80,000 down and $12,000 of closing costs on a $400,000 home.
- Down payment
- $80,000
- Closing costs
- $12,000
| Down payment | Amount down | Cash needed | Loan amount |
|---|---|---|---|
| 3% | $12,000 | $24,000 | $388,000 |
| 3.5% | $14,000 | $26,000 | $386,000 |
| 5% | $20,000 | $32,000 | $380,000 |
| 10% | $40,000 | $52,000 | $360,000 |
| 15% | $60,000 | $72,000 | $340,000 |
| 20% | $80,000 | $92,000 | $320,000 |
| 25% | $100,000 | $112,000 | $300,000 |
How to use the down payment calculator
- Choose whether you are starting from a price or from your savings.
- Enter the price (or your savings), the down payment percentage you plan to make and an estimate of closing costs as a percentage of the price.
- Optionally enter the savings you already have to see how much is left to save.
- Use the table under the results to compare cash needed at common down payments, from 3% to 25%.
Down payment formulas
Closing costs = price × closing %
Cash needed = down payment + closing costs
Highest price = savings ÷ (down % + closing %)
The down payment is the part of the price you don't borrow. The loan is the price minus the down payment, and the loan-to-value (LTV) is 100% minus the down percentage. Closing costs cover lender fees, title, appraisal, recording and prepaid items such as interest and the first escrow deposits. They are shown here as a share of the price for simplicity. Working backwards, every dollar of savings has to cover both, so the price is your savings divided by the two percentages combined.
Worked example
For a $400,000 home with 10% down and closing costs of 3%, you need $40,000 for the down payment and $12,000 for closing: a total of $52,000. The loan is $360,000, a 90% LTV, so a conventional lender will usually charge PMI until it falls to 78%.
Working the other way, $60,000 of savings covers a home of up to $461,538 at 10% down: $46,154 down and $13,846 of closing costs. If you insist on 20% down to avoid PMI, the same savings stretch only to $260,870.
Cash to close by price and down payment
Down payment plus 3% closing costs.
| Home price | 3.5% down | 5% down | 10% down | 20% down |
|---|---|---|---|---|
| $250,000 | $16,250 | $20,000 | $32,500 | $57,500 |
| $350,000 | $22,750 | $28,000 | $45,500 | $80,500 |
| $450,000 | $29,250 | $36,000 | $58,500 | $103,500 |
| $600,000 | $39,000 | $48,000 | $78,000 | $138,000 |
How much should you put down?
- Minimums depend on the loan. Some conventional programs accept 3% down from qualifying buyers, FHA needs 3.5% with a 580+ credit score, and VA and USDA loans can need nothing down. Twenty percent is not a requirement, but it avoids private mortgage insurance on a conventional loan.
- A bigger down payment lowers every month. It shrinks the loan, the interest and often the rate. See the effect in the mortgage calculator.
- Don't empty your savings. Keep money back for moving, furniture, repairs and an emergency fund. Lenders may also want to see reserves after closing.
- Closing costs can sometimes be covered. Seller credits, lender credits (in exchange for a higher rate) and local down payment assistance programs can cut the cash you need.
- Gifts are allowed but documented. Most loan types accept gift money from family with a signed gift letter and a record of the transfer.
Once you know your cash, check the monthly side with the house affordability calculator. For loan-specific costs, see the FHA and VA calculators. Still deciding whether to buy at all? Try the rent vs buy calculator.
Frequently asked questions
How much cash do I need to buy a $400,000 house?
With 10% down and closing costs of about 3%, you need $40,000 for the down payment and $12,000 for closing, $52,000 in total. At 20% down the total is $92,000; at 3.5% down it is $26,000.
What price can I afford with $60,000 saved?
If the money has to cover a 10% down payment and 3% closing costs, $60,000 ÷ 13% gives a price of about $461,500. Saving for 20% down plus 3% closing costs, the same $60,000 covers about $260,900.
Do I need 20% down to buy a house?
No. Some conventional loans accept 3% down, FHA loans 3.5% with a credit score of 580 or more, and VA and USDA loans can need no down payment. Putting down 20% on a conventional loan avoids private mortgage insurance.
How much are closing costs?
They commonly run from about 2% to 5% of the price, depending on the lender, the state and local transfer taxes. Your lender’s Loan Estimate lists them line by line within three business days of applying.
Can a down payment be a gift?
Usually, yes. Conventional, FHA and VA loans accept gifts from family members, and some from employers or charities, with a signed gift letter and proof of the transfer. Rules on who can give and how much vary by loan type.