Home buying · Calculator
Work out how much cash you need up front, how much you'll borrow, and what that does to your monthly mortgage payment — in seconds.
The basics
A down payment is the part of a home's purchase price you pay in cash up front. The rest is financed with a mortgage.
If you buy a $450,000 home with a 20% down payment, you pay $90,000 at closing and borrow the remaining $360,000. That single number — the size of your down payment — shapes almost everything else about the purchase: how much you owe each month, how much interest you pay over the life of the loan, and which loan programs you may qualify for.
Down payments matter because they reduce the amount of money a lender has to put at risk. A larger down payment usually means a smaller loan, a lower monthly payment, and less total interest. On conventional loans in the United States, putting at least 20% down typically means you will not be required to carry private mortgage insurance (PMI), which is an extra monthly cost that protects the lender, not you.
This calculator estimates the down payment amount and percentage, the loan amount, the monthly principal-and-interest payment, the total interest paid over the life of the loan, and the total cost of the home. It also shows your loan-to-value ratio, or LTV, which is the share of the home's price you are financing.
The home price and the down payment percentage drive the loan amount. The interest rate and loan term then determine the monthly payment and the total interest. A longer term lowers the monthly payment but increases the total interest paid. A shorter term does the opposite. Small changes in the interest rate can move the monthly payment by a meaningful amount over 30 years, so it is worth testing a few scenarios rather than a single one.
Treat the output as a planning estimate, not a loan offer. The monthly payment shown covers principal and interest only. A real housing payment usually also includes property taxes, homeowners insurance, and possibly HOA dues, mortgage insurance, or both. Budgeting for those costs alongside your down payment gives you a far more realistic picture of what you can afford.
Step by step
Five inputs, one click, and a full breakdown of what your down payment means for the loan you'll carry.
Use the price of a home you are actually considering, or the top of your budget. Commas are optional — the field accepts them either way.
Type a percentage such as 20, or press the $ toggle to enter a dollar amount instead. The five shortcut buttons jump straight to the most common percentages.
Enter the number of years you plan to finance. Thirty years is the most common, while 15-year terms typically carry lower rates and much less total interest.
Use a rate you have been quoted, or a reasonable estimate. Because rates change often, running the same scenario at two or three different rates is a quick way to see your sensitivity to them.
The results panel shows your down payment, monthly principal-and-interest payment, loan amount, LTV, total interest, total of payments, and the total cost of the home including interest.
The math behind the monthly payment is the standard mortgage amortization formula: the loan amount is multiplied by the monthly interest rate and divided by one minus the rate compounded over the number of payments. The result is the fixed payment that pays the loan off exactly at the end of the term. If the interest rate is zero, the payment is simply the loan amount divided by the number of months.
Overview
A fast, transparent way to see how the cash you bring to closing changes the loan you carry and what it costs over time.
It converts a home price and a down payment into a complete loan picture. You can enter the down payment as a percentage or as a dollar figure, and the calculator keeps the two in sync. It then computes the loan amount, the fixed monthly payment for principal and interest, the total interest paid across the full term, and the total cost of the home including that interest.
First-time buyers working out how much to save, repeat buyers deciding how much equity to roll into the next purchase, and anyone comparing loan terms or rates before speaking with a lender. It is equally useful for testing a single scenario or for comparing several side by side.
Use it early in the process to set a savings target, in the middle to compare loan terms, and near the end to sanity-check a Loan Estimate. It is also a quick way to see what a difference of a few percentage points of down payment actually makes to your monthly obligation.
Instant feedback means you can experiment freely. Linking the percentage and dollar amount removes guesswork. Showing total interest alongside the monthly payment keeps the long-term cost visible, not just the short-term one.
The calculator assumes a fixed interest rate, a fully amortizing loan with equal monthly payments, and no prepayments, late fees, or rate changes. It does not include property taxes, homeowners insurance, HOA dues, mortgage insurance, closing costs, or any lender fees. It does not account for down payment assistance programs, gift funds, or lender-specific requirements. It is an estimating tool, not financial advice, and it is not a loan offer or a commitment to lend.
Closing costs commonly run a few percent of the purchase price on top of the down payment. Moving costs, an emergency fund for repairs, and the ongoing cost of taxes and insurance all belong in the plan. Lenders also look at credit history, debt-to- income ratio, and employment stability, so a down payment that fits your budget is only one part of a complete picture.
Questions
Short answers to the questions buyers ask most often when planning a down payment.
There is no single correct answer. Twenty percent is a common benchmark because it often removes the requirement for private mortgage insurance on conventional loans, but plenty of buyers put down less. What matters most is that the down payment leaves you with enough cash for closing costs and an emergency reserve.
No. Many loan programs accept less, and some conventional programs allow down payments in the low single digits. A smaller down payment generally means a larger loan, a higher monthly payment, more total interest, and often an added mortgage insurance cost.
It can. Lenders may offer more favorable pricing to borrowers with a lower loan-to-value ratio, but rates also depend on credit history, loan type, term, and the market. The only way to know is to compare offers from more than one lender.
Property taxes, homeowners insurance, HOA dues, mortgage insurance, closing costs, title and appraisal fees, and ongoing maintenance are all outside the calculation. Budget for them separately.
The loan amount is amortized over the term at the monthly interest rate. Each payment covers the interest due that month plus whatever is left to reduce the principal. Early payments are mostly interest, and later payments are mostly principal.
The calculator is a planning tool, so you can adjust any input at any time and the results update instantly. Press Reset to return everything to the default values.
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