Down Payment Calculator

Property & Savings Details

Down Payment Analysis

Required Down Payment
$0.00
Minimum Down Payment
$0.00
Months to Save
0
Additional Costs
$0.00

Understanding Down Payments

A down payment is the initial upfront portion of the total home purchase price that you pay at closing. The amount required varies by loan type and can significantly impact your monthly payments and overall costs.

Minimum Down Payments by Loan Type

Conventional Loans

  • Minimum 3% down
  • 20% down to avoid PMI
  • Better rates with larger down payments

FHA Loans

  • Minimum 3.5% down with 580+ credit score
  • 10% down with 500-579 credit score
  • MIP required regardless of down payment

VA Loans

  • No down payment required
  • VA funding fee may be required
  • Must meet service requirements

Jumbo Loans

  • Typically 10-20% minimum
  • Varies by lender
  • Higher credit score requirements

Additional Costs to Consider

  • Closing costs (2-5% of loan amount)
  • Private Mortgage Insurance (PMI)
  • Moving expenses
  • Home inspection fees
  • Property taxes
  • Homeowners insurance
  • Home maintenance and repairs

Tips for Saving a Down Payment

  • Set up automatic savings transfers
  • Consider down payment assistance programs
  • Look into first-time homebuyer programs
  • Cut unnecessary expenses
  • Consider a side hustle
  • Research local and state housing programs
  • Explore gift funds from family