How this calculator works
This calculator finds the down payment and remaining loan amount for a home purchase, from either a percentage of the home price or a specific dollar amount. It also shows a comparison table at five commonly referenced down payment percentages so you can see how the loan amount changes.
How much to put down depends on the loan program, the lender, and your own finances. Conventional loans in the US commonly reference 20% down as the point where private mortgage insurance (PMI) is typically no longer required, while government-backed programs allow much less: FHA loans can go as low as 3.5% down, and some VA and USDA loans allow 0% down for eligible borrowers. These are labeled examples of common thresholds, not universal rules; always confirm the specific requirements with your lender.
The formula
Down payment = Home price × Down payment % ÷ 100Loan amount = Home price − Down paymentDown payment % = Down payment ÷ Home price × 100 (when entering a dollar amount instead)Worked example: $350,000 home, 20% down
- Home price $350,000, down payment 20%.
- Down payment = 350,000 × 0.20 = $70,000.
- Loan amount = 350,000 − 70,000 = $280,000.
- At the FHA minimum of 3.5% instead, down payment = 350,000 × 0.035 = $12,250 and the loan amount would be $337,750.
Frequently asked questions
Do I really need 20% down to buy a home?
No. Many loan programs allow less, including FHA loans (as low as 3.5% down for qualifying borrowers) and certain VA and USDA loans (0% down for eligible borrowers). 20% is commonly cited mainly because it typically avoids private mortgage insurance on a conventional loan, not because it is a minimum requirement.
What is private mortgage insurance (PMI) and why does 20% avoid it?
PMI is insurance that protects the lender if a borrower with a small down payment defaults, and it is usually added to the monthly payment on conventional loans when the down payment is below 20%. Once enough equity is built (commonly around 20%), PMI can often be removed.
Does a bigger down payment always save money?
It reduces the loan amount and the interest paid over the life of the loan, and it can help avoid PMI, but it also ties up more cash upfront. Whether that trade-off makes sense depends on your other financial priorities and how the cash would otherwise be used.
How is the loan amount used afterward?
The loan amount from this calculator is the starting balance you would enter into a mortgage or loan payment calculator, along with your interest rate and loan term, to find the resulting monthly payment.
How do I find my down payment percentage if I already know the dollar amount?
Divide your down payment dollar amount by the home price and multiply by 100 — the same formula this calculator uses in reverse (down payment % = down payment ÷ home price × 100). For example, a $70,000 down payment on a $350,000 home works out to 70,000 ÷ 350,000 × 100 = 20%.