Down Payment Calculator

How to work out a down payment

1. Enter the home price and the down payment percentage.
2. Enter closing costs as a percentage of the price.
3. Enter what you have saved and can save each month to see how long it will take.

Frequently asked questions

How much should the down payment be?

20% avoids mortgage insurance on many loans, but many buyers put down less. A bigger down payment means a smaller loan and lower payments.

What are closing costs?

Fees paid when you buy, such as lender fees, the appraisal, title insurance and transfer taxes. They are often about 2 to 5% of the price.

Can I put down less than 20%?

Yes. Some US loans allow 3% (conventional) or 3.5% (FHA) down, usually with mortgage insurance until you have more equity.