Down Payment Calculator
Plan your home down payment savings timeline.
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How much down payment do I need?
Conventional loans: 3-20%. FHA: 3.5%. VA/USDA: 0%. 20% avoids PMI and gets the best rates.
What is PMI?
Private Mortgage Insurance costs 0.5-1% of the loan annually and is required with less than 20% down.
Should I wait for 20% or buy sooner?
Depends on your market. Home prices may rise while you save. But 20% down avoids PMI and reduces monthly payments.
Can gift money count toward a down payment?
Yes, most loan programs allow gift funds from family. You'll need a gift letter confirming it's not a loan.
What about closing costs?
Budget an additional 2-5% of the home price for closing costs on top of your down payment.