Down Payment Calculator
Calculate your home down payment target and how long it will take to save it at your current savings rate. PMI-avoidance check included.
FINANCEFind out how much you need for a home down payment, how long it will take to save it at your current rate, and whether your target avoids private mortgage insurance (PMI).
The 20% threshold avoids PMI on conventional loans. Lower down payments are widely available: FHA 3.5%, Fannie HomeReady 3%, VA/USDA 0%. Trade-offs: more down means lower monthly payment, no PMI, and faster equity buildup. Less down means more cash kept for emergency fund and repairs.
Down Payment Calculator
Find out how much you need for a home down payment and how long it will take to save it at your current savings rate. Includes a PMI-avoidance check (20% threshold for conventional loans).
✓ Avoids PMI
Your 20.0% down payment is at or above the 20% threshold, so most conventional lenders will waive private mortgage insurance.
How Much Should You Put Down?
20% has been the historical benchmark, but the median first-time US buyer in 2024-2025 put down just 7-9% (NAR data). The right amount depends on your situation: more down means lower monthly payment, no PMI, lower total interest, and instant equity buffer; less down means more cash kept for emergency fund, repairs, and not getting house-poor.
Low-down-payment options: FHA (3.5%, requires MIP for life of loan if <10% down), Fannie HomeReady (3%, income-limited), VA (0% for eligible veterans), USDA (0% for rural). PMI typically falls off automatically at 78% LTV on a conventional loan (Homeowners Protection Act); you can request removal at 80% LTV.
Don't forget closing costs (2-5% of price) and reserves (2-6 months PITI) - these are separate from the down payment. Many buyers exhaust savings hitting 20% down, then have no cushion for repairs.
Estimate only. Loan programs, PMI rates, and down payment requirements vary by lender, location, credit score, and property type. Always get a loan estimate from at least 3 lenders.