What is a typical down payment?
Conventional loans often require 10-20%, but some programs allow as low as 3-5%.
Finance
Down Payment Calculator
Enter the home price and your desired down payment percentage to see how much you need upfront and what the loan amount will be.
Live calculator output
Enter the home price and down payment percentage to see the breakdown.
How it works
The down payment is a percentage of the home price: Down Payment = Home Price × Percentage ÷ 100. The remaining loan amount is: Loan = Home Price − Down Payment.
A larger down payment reduces your loan principal, which means lower monthly payments and less total interest. Many lenders require at least 20% down to avoid Private Mortgage Insurance (PMI), which adds 100–200 per month to your costs.
Practical example
For a 350,000 home with a 20% down payment: Down Payment = 350,000 × 0.20 = 70,000. Loan Amount = 350,000 − 70,000 = 280,000.
If you only put 10% down (35,000), your loan jumps to 315,000 and you will likely need to pay PMI, adding 100–200/month to your costs on top of the higher mortgage payment.
Frequently asked questions
Does a larger down payment help?
Yes. It reduces your loan amount, monthly payment, and may eliminate private mortgage insurance.
Is this the total upfront cost?
No. Closing costs, inspections, and other fees are additional.
What are closing costs?
Closing costs typically range from 2-5% of the home price and include appraisal fees, title insurance, attorney fees, and taxes.
Can I use gifted money for a down payment?
Many loan programs allow gifted funds from family members. Your lender may require a gift letter documenting the source.
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