Down Payment Calculator
The down payment and cash you need to buy a home, and how long to save for it.
Good to know. The down payment gets all the attention, but closing costs can add another few percent on the day.
Not financial advice. Uses only the numbers and rates you enter — no live data.
How it works
In plain words
The down payment is the price times the percentage. The mortgage covers the rest. Add closing costs for the cash you need on the day, take off what you have saved, and divide by what you save each month.
The formula
down payment = price × % loan = price − down payment cash needed = down payment + price × closing % months = (cash needed − saved) ÷ monthly saving
Worked example
10% of 350,000 is a down payment of 35,000.00, leaving a 315,000 mortgage. With 3% closing costs you need 45,500; with 15,000 saved and 1,000 a month, that takes 31 months.
Sources
- Consumer Financial Protection Bureau, How to decide how much to spend on your down payment Minimum down payments by loan type, and mortgage insurance.
- Consumer Financial Protection Bureau, What are closing costs? What closing costs include.
Sources checked September 30, 2026. 3 automated tests check its answers on every change.
About the down payment calculator
The down payment, or deposit, is the part of a home’s price you pay yourself; the mortgage covers the rest. A bigger down payment means a smaller loan, lower monthly payments and often a better interest rate. This calculator also adds the closing costs, which are due on the same day, and works out how long it takes to save the total.
In the US, 20% down avoids private mortgage insurance (PMI) on a conventional loan, but it isn’t required: conventional loans start at 3% and FHA loans at 3.5%, and VA and USDA loans can need nothing down. In the UK, most mortgages need at least 5 to 10%, with better rates at 15, 25 and 40%. Much of Europe expects 10 to 20%, plus purchase taxes and notary fees paid in cash.
Closing costs cover the lender’s fees, the appraisal, title insurance, legal work and taxes. They are usually 2 to 5% of the price in the US; the UK’s stamp duty and most European transfer taxes come on top. Keep some savings back as well for moving and repairs, rather than putting every penny into the deposit.
To see what the monthly payment will be, take the mortgage amount to the mortgage calculator. The home affordability calculator works from the other end: how much you can borrow on your income.
Questions people ask
How much should I put down on a house?
20% avoids mortgage insurance in the US and gets better rates, but 3 to 10% is common, especially for first homes.
What is the minimum down payment?
In the US, 3% on some conventional loans, 3.5% for FHA and 0% for VA and USDA loans. In the UK, usually 5%.
How much are closing costs?
Usually 2 to 5% of the price in the US, paid on top of the down payment.