Use this free down payment calculator to estimate your monthly mortgage payment based on your home price, down payment percentage, interest rate, and loan term. Enter your numbers above to see how different down payment amounts change what you'll owe each month, including principal, interest, property tax, homeowners insurance, and private mortgage insurance (PMI).

A down payment is the upfront cash you pay toward a home's purchase price. The rest becomes your loan amount. A larger down payment means a smaller mortgage, a lower monthly payment, and potentially a lower interest rate from your lender.

How This Down Payment Calculator Works

The calculator takes a few key inputs and returns an estimated monthly payment with a cost breakdown.

Here's what you'll enter:

Home price. The purchase price of the home you're considering.
Down payment amount or percentage. The cash you plan to put down. Enter a dollar figure or a percentage, and the calculator converts it.
Mortgage rate. Your expected annual interest rate. Check current rates from lenders for the most accurate estimate.
Loan term. The repayment period, typically 15 or 30 years.
Property tax rate. Usually expressed as a percentage of home value. Your county assessor's website has local rates.
Homeowners insurance. Your estimated annual premium.
HOA fees (if applicable). Monthly homeowners association dues.

The calculator uses these inputs to estimate your monthly mortgage payment, including principal and interest plus escrow costs. If your down payment is less than 20%, it adds an estimated PMI premium so you can see the full picture.

Results update instantly when you change any input. Try adjusting the down payment slider to see exactly how putting more or less cash down shifts your monthly cost.

How Much to Put Down on a House

There's no single right answer. The best down payment depends on your savings, your monthly budget, and the type of mortgage you qualify for.

Here are common benchmarks:

20% down. Often recommended because it eliminates PMI and gives you immediate home equity. On a $400,000 home, that's $80,000.
10% to 15% down. A middle ground that keeps PMI costs modest while preserving some savings.
3% to 5% down. The minimum for many conventional loans. FHA loans allow as little as 3.5% with a minimum credit score of 580.
0% down. VA loans (for eligible veterans) and USDA loans (for qualifying rural areas) require no down payment at all.

Putting down less than 20% isn't a mistake. It just means you'll pay for mortgage insurance until you reach enough home equity, typically 20%. The tradeoff is getting into a home sooner while keeping cash available for closing costs, moving expenses, or an emergency fund.

What happens if I can't afford a 20% down payment?

You still have options. Most first-time home buyers put down less than 20%. You'll pay PMI on a conventional loan, or a mortgage insurance premium on an FHA loan, but these costs are temporary. Once your loan balance drops to 80% of the home's value, you can request PMI removal on conventional mortgages.

How does my credit score affect my down payment?

Your credit score doesn't directly set your required down payment, but it shapes your options. A higher score qualifies you for loan programs with lower minimum down payments and better interest rates. A lower score may require a larger down payment or limit you to FHA loans, which have their own insurance premiums.

Can I use gifted money for my down payment?

Yes. Most loan programs allow gift funds from a family member, and some allow gifts from other sources. Your lender will require a gift letter confirming the money is not a loan. FHA, VA, and conventional loans all permit gift funds, though documentation rules vary.

Home Price and Your Down Payment Amount

Your target home price is the starting point for every calculation. The down payment percentage you choose determines two things: how much cash you need at closing and how large your mortgage loan will be.

Home Price	5% Down	10% Down	20% Down
$250,000	$12,500	$25,000	$50,000
$350,000	$17,500	$35,000	$70,000
$450,000	$22,500	$45,000	$90,000
$550,000	$27,500	$55,000	$110,000

A smaller down payment means a larger loan amount. That increases your monthly mortgage payment and the total interest you pay over the life of the loan. Use the calculator to plug in your actual home price and test several down payment scenarios side by side.

What's the difference between closing costs and a down payment?

They're separate expenses. Your down payment goes toward the purchase price and becomes instant equity in the home. Closing costs cover lender fees, appraisal, title insurance, prepaid taxes, and other transaction costs. Closing costs typically run 2% to 5% of the purchase price and are due on top of your down payment. Budget for both.

Earnest money vs. down payment: what's the difference?

Earnest money is a deposit you make when your offer is accepted, usually 1% to 3% of the purchase price. It shows the seller you're serious. At closing, your earnest money is applied toward your down payment and closing costs. It's not an additional charge.

Mortgage Rate and Loan Term

Your mortgage rate and loan term have an outsized effect on your monthly payment and total borrowing costs.

Mortgage rate is the annual interest rate your lender charges. Even a small rate difference adds up. On a $300,000 loan, the difference between 6.5% and 7.0% is roughly $100 per month and over $35,000 in extra interest over 30 years.

Rates depend on:

Your credit score and credit history
Down payment size (a larger down payment can unlock a lower interest rate)
Loan type (conventional, FHA, VA, or USDA)
Whether you choose a fixed-rate mortgage or an adjustable-rate mortgage
Current market conditions

Loan term is how long you have to repay. The most common options:

30-year fixed-rate loan. Lower monthly payments, but you pay more total interest.
15-year fixed mortgage. Higher monthly payments, but you pay off the home faster and save substantially on interest.

A 30-year term is the default in this calculator. Switch to 15 years to compare. You'll see the monthly payment jump, but the total interest paid drops dramatically.

How does my credit rating affect my home loan interest rate?

Lenders use your credit score to gauge risk. A score of 740 or above typically qualifies for the best rates. Scores between 680 and 739 still get competitive rates, but each tier lower adds a fraction of a percent. Over a 30-year loan, that fraction translates to thousands of dollars. If a few months of credit repair or debt payoff could raise your score, it may be worth waiting.

Monthly Mortgage Payment and Borrowing Costs

Your estimated monthly payment is the core output of this calculator. It includes several components:

Principal. The portion that reduces your loan balance.
Interest. The cost of borrowing, calculated from your mortgage rate.
Property tax. Your local tax rate applied to the home's assessed value, divided into monthly installments.
Homeowners insurance. Your annual premium spread across 12 months.
PMI (if applicable). Added when your down payment is less than 20%.
HOA fees (if applicable). Monthly dues for a homeowners association.

Together, these make up your total monthly housing cost. Lenders look at this number relative to your income. A common guideline: keep your total housing payment below 28% of your gross monthly income.

How does my down payment affect my monthly mortgage payment?

Directly. A larger down payment reduces the loan amount, which lowers both your principal and interest payment each month. It can also eliminate PMI and may qualify you for a better rate. For example, putting 20% down on a $400,000 home instead of 5% reduces your loan from $380,000 to $320,000. That difference alone could save $300 to $500 per month depending on your rate.

How to lower my monthly mortgage payments

Several levers can bring your payment down:

Increase your down payment to reduce the loan amount.
Shop for a lower mortgage rate across multiple lenders.
Choose a longer loan term (30 years vs. 15 years).
Buy a less expensive home.
Eliminate PMI by reaching 20% equity.
Appeal your property tax assessment if it seems high.

What percentage of your income should go to a mortgage?

The 28/36 rule is a common guideline. Spend no more than 28% of your gross monthly income on housing costs (your mortgage payment including taxes and insurance). Keep total debt payments, including the mortgage, below 36%. These are guidelines, not hard limits. Your lender may approve a higher ratio, but stretching too far can strain your budget.

Private Mortgage Insurance and Your Payment

Private mortgage insurance (PMI) protects the lender if you default. It's required on conventional loans when your down payment is less than 20% of the home price.

PMI typically costs 0.5% to 1.5% of the original loan amount per year, divided into monthly payments. On a $300,000 loan, that's roughly $125 to $375 per month.

How to stop paying PMI:

Automatic cancellation. Your lender must cancel PMI when your loan balance reaches 78% of the original home value.
Request removal. You can ask your lender to drop PMI once you reach 80% loan-to-value, either through payments or home appreciation. An appraisal may be required.
Refinance. If your home value has increased enough, refinancing into a new loan at 80% or less loan-to-value eliminates PMI.

FHA loans work differently. They charge a mortgage insurance premium (MIP) that often lasts the entire life of the loan if you put down less than 10%. This is one reason some borrowers refinance from an FHA loan to a conventional loan once they build enough equity.

This calculator includes an estimated PMI cost when your down payment is below 20%. The actual premium depends on your credit score, loan amount, and lender, so treat this as a planning estimate.

Down Payment Assistance Programs

If coming up with a large down payment feels out of reach, down payment assistance programs can help. These programs are offered by state and local housing agencies, nonprofits, and some lenders.

Common types of assistance:

Grants. Free money that doesn't need to be repaid. Often targeted at first-time home buyers.
Forgivable loans. Second mortgages that are forgiven after you live in the home for a set number of years (often 5 to 10).
Deferred-payment loans. No monthly payments required. The balance is due when you sell, refinance, or pay off the first mortgage.
Matched savings programs. You save into an account and the program matches your contributions toward a down payment.

Eligibility varies by program but often includes:

Income limits (usually based on area median income)
First-time home buyer status (some programs define this as not having owned a home in the past three years)
Homebuyer education course completion
Property location and price limits

Search your state housing finance agency's website for programs available in your area. Your lender may also know about local options. These programs can be combined with FHA, VA, or conventional loans in many cases.

Mortgage Calculator vs. Down Payment Calculator

These tools overlap, but they focus on different questions.

A down payment calculator helps you figure out how much cash to bring to the table. You adjust the down payment percentage and see how it changes your loan amount, monthly payment, and PMI requirement. The primary question: "How much should I put down on a house?"

A mortgage calculator takes a broader view. It calculates your full monthly mortgage payment including principal, interest, taxes, and insurance for a given loan amount, rate, and term. The primary question: "What will my monthly payment be?"

This calculator combines both. Enter your home price and down payment, and it shows your estimated monthly payment with all costs included. You get the down payment planning and the mortgage payment estimate in one place.

If you already know your loan amount and just want to see monthly payments at different rates or terms, a standalone mortgage calculator may be simpler. If you're still deciding how much to put down, start here.

Repayment Over the Life of the Mortgage

The total cost of your mortgage is far more than the purchase price. Interest accumulates over decades, and the amount you pay depends heavily on your rate, term, and down payment.

Here's a simplified comparison for a $400,000 home:

Scenario	Down Payment	Loan Amount	Rate	Term	Monthly P&I	Total Interest Paid
A	$80,000 (20%)	$320,000	6.5%	30 yr	~$2,023	~$408,000
B	$20,000 (5%)	$380,000	6.75%	30 yr	~$2,465	~$508,000
C	$80,000 (20%)	$320,000	6.5%	15 yr	~$2,789	~$182,000

Scenario C costs about $766 more per month than Scenario A, but saves over $226,000 in total interest. Scenario B, with a smaller down payment and slightly higher rate, costs roughly $100,000 more in interest than Scenario A over the life of the loan, plus PMI costs in the early years.

Making a larger down payment reduces total borrowing costs in two ways: a smaller loan balance and potentially a lower rate. A shorter loan term amplifies those savings further.

Use the calculator to see your specific numbers. Small changes in your inputs can produce large differences over 15 or 30 years.