Required Down Payment
$70,000
20% of home price
Down Payment Calculator
Calculate your home down payment, closing costs, and compare loan programs to find the best fit for your budget.
Home Purchase Details
Conventional
5-20% down
FHA
3.5% down
VA
0% down
USDA
0% down
Conventional recommended: 20%
~1.2% of home value avg.
Conventional
5-20% down
FHA
3.5% down
VA
0% down
Car, student loans, credit cards
Understanding Down Payments
Down Payment Basics
A down payment is the initial upfront portion paid when purchasing a home. A larger down payment reduces your loan amount, monthly payments, and eliminates PMI at 20%.
PMI Explained
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It typically costs 0.5% to 1.5% of the loan amount annually.
Closing Costs
Closing costs typically range from 2-5% of the home price and include appraisal, title insurance, origination fees, and prepaid expenses.
Loan-to-Value (LTV)
LTV ratio compares your loan amount to the home value. A lower LTV means more equity and better loan terms. 80% LTV or lower avoids PMI.
Your Results
Loan Amount
$280,000
After down payment
Monthly Payment
$2,159
P&I only
Total Closing
$77,000
Down + fees
LTV Ratio
80%
Loan to value
Monthly Payment Breakdown
Principal & Interest
$1,816
Property Tax
$350
Home Insurance
$100
Total Monthly
$2,266
Compare Mortgage Lenders
Rocket Mortgage
Online lender with quick approval. Rates from 6.5% APR.
Wells Fargo
Traditional bank with branch support. First-time buyer programs.