Down Payment Calculator
See your down payment amount and the resulting loan from a home price and down-payment percentage.
Your details
- Loan amount
- $320,000.00
Down payment vs loan
- Down payment
- $80,000.0020%
- Loan amount
- $320,000.0080%
Formula
Down payment = home price × down payment %. Loan amount = home price − down payment.
How it works
Multiply the home price by your down-payment percentage to get the cash you put down; the rest becomes your loan. A larger down payment lowers the loan, can remove PMI at 20%, and often unlocks a better rate.
Frequently asked questions
How much down payment do I need?⌄
Conventional loans often allow as little as 3-5%, but 20% avoids private mortgage insurance. Some government-backed loans allow even less.
Why is 20% down significant?⌄
At 20% down your loan-to-value is 80%, which typically removes the PMI requirement and can qualify you for a lower interest rate.
Does a bigger down payment lower my rate?⌄
Often yes. A larger down payment reduces the lender's risk, which can translate into a slightly better rate as well as a smaller loan.
Sources & methodology
- •CFPB — buying a house — CFPB
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