Down Payment Calculator

Our down payment calculator helps you determine how much you need to save for a home down payment and whether you'll need to pay private mortgage insurance (PMI).

Common Down Payment Percentages

• 20%: Traditional amount that avoids PMI
• 10-15%: Common for conventional loans
• 3.5%: Minimum for FHA loans
• 0%: Available for VA and USDA loans

What is PMI?

Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home's value. PMI protects the lender if you default on the loan and typically costs 0.5% to 1% of the loan amount annually.

Example

Home Price: $300,000, Down Payment: 20%
Down Payment Amount: $60,000
Loan Amount: $240,000
PMI Required: No