Down Payment Calculator
Figure out how much cash you need upfront and how your loan program affects your down payment requirements and mortgage insurance.
Down Payment Calculator
See how much you need to put down and whether you will pay mortgage insurance
Down Payment Amount
$80,000
Understanding Down Payments
Conventional Loans
Conventional loans typically require a minimum of 3% down for first-time buyers and 5% for repeat buyers. Putting down less than 20% means you will pay Private Mortgage Insurance (PMI) until you reach 20% equity in your home.
FHA Loans
FHA loans allow as little as 3.5% down with a credit score of 580 or higher. They require both an upfront mortgage insurance premium (1.75% of the loan) and an annual premium that lasts for the life of the loan in most cases.
VA Loans
VA loans are available to eligible veterans and active-duty service members with no down payment required. There is no monthly mortgage insurance, but a one-time VA funding fee applies (which can be financed into the loan).
Why 20% Matters
Putting 20% down on a conventional loan eliminates the need for PMI, reduces your monthly payment, and gives you immediate equity in your home. However, it is not always necessary or the best strategy depending on your financial situation.
Important Note
This calculator provides estimates for informational purposes only. Actual PMI rates vary based on credit score, loan-to-value ratio, and lender. For accurate down payment and mortgage insurance quotes, reach out for a personalized consultation.
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