Down payment · Free calculator
Down Payment Calculator
Enter your home price, current savings, and monthly contribution — see exactly when you'll hit each down payment milestone.
Your numbers
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$0 $2M
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$0 $500k
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$0 $10k/mo
Down payment milestones
How much you need — and when you'll get there
To reach 20% in your target time
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yrs
Progress toward 20% down —
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Which down payment is right for you?
- 3.5% — FHA loan minimum. Lower barrier, but requires mortgage insurance.
- 5–10% — Conventional loan minimum. Still requires PMI.
- 20% — Avoids PMI entirely (~0.5–1.5% of loan/yr). Strongest offer in competitive markets.
What is PMI?
Private Mortgage Insurance protects the lender if you default. Required when you put less than 20% down on a conventional loan. Typically costs 0.5–1.5% of the loan per year — on a $320,000 loan that's $1,600–$4,800/yr added to your payments.
PMI cancels automatically once your equity hits 20% of the original home value.