Down Payment Calculator
Calculate your home down payment, resulting loan amount, and whether you'll need PMI. See how different down payment percentages change your costs.
Used only when down payment is below 20%
Down Payment
$70,000
Down Payment %
20.0%
Loan Amount
$280,000
No PMI — you're at/above 20% down
A 20.0% down payment meets the 20% threshold. You will not be required to pay private mortgage insurance on a conventional loan.
Frequently Asked Questions
How much down payment do I need to buy a house?
The minimum down payment depends on the loan type. Conventional loans often require as little as 3–5%, FHA loans require 3.5% with good credit, and VA/USDA loans may require 0%. However, putting down at least 20% lets you avoid private mortgage insurance (PMI) and typically secures a better interest rate.
What is PMI and when do I have to pay it?
PMI (Private Mortgage Insurance) is insurance that protects the lender if you default on your loan. It is typically required on conventional loans when your down payment is less than 20% of the home's purchase price. PMI costs roughly 0.2–2% of the loan amount per year and is added to your monthly mortgage payment. Once you reach approximately 20% equity in the home, you can request PMI removal.
Is a 20% down payment required?
No — a 20% down payment is not required to buy a home. Many loan programs allow lower down payments, and first-time homebuyer programs can offer down payment assistance. The trade-off is that putting down less than 20% usually means paying PMI, which adds to your monthly costs. Weighing those extra costs against the time needed to save a larger down payment is a key part of your home-buying decision.