Down Payment
Pick a price and a percentage to see the down payment, then add your saving pace for the honest timeline — including what stretching to 20% would cost and save.
Anyone with the link can see the numbers included in it.
Spotted a mistake or have an idea? — errors get fixed and credited publicly.
Last reviewed: July 20, 2026 · Formulas verified by automated tests before every release.
How much down payment do I need?
Down payment = home price × your chosen percentage: 10% of $400,000 is $40,000. Below 20% on a conventional US loan, lenders typically add PMI; at 20% or more, they typically don't. Your timeline = the remaining gap ÷ monthly savings — this calculator shows both the amount and the months side by side.
The two numbers that matter
down payment = price × % · months to goal = (down payment − saved) ÷ monthly savings
The percentage buttons exist because the real question is rarely "what is 10% of X" — it's the trade-off between them. Each step up shrinks the loan and the monthly payment; the jump to 20% additionally drops PMI. The blue box under the result prices your specific gap to 20%, in money and months, so "should we wait and save more?" becomes arithmetic instead of an argument.
Beyond the headline number
Closing costs (typically 2–5% of price) and post-closing reserves ride on top of the down payment — a $40,000 target is realistically a $50,000+ cash plan. Once the amount is set, the Savings Goal calculator turns it into a monthly plan, and the Mortgage calculator shows the payment your choice produces.
Choose the right calculator
- What will the monthly payment be? → Mortgage Calculator
- What does putting down less than 20% cost me? → PMI Calculator
- Comparing two loan offers? → Loan Calculator (A/B compare)
Sources, assumptions and limitations
- Formula: down = price × pct; months = ceil((down − saved) ÷ monthly)
- Assumptions: Straight-line saving without interest (for yield, use Savings Goal); the 20% PMI threshold reflects typical conventional-loan practice in the US.
- Not included: Closing costs and reserves (noted above, budgeted separately), assistance programs and lender-specific minimums, FHA/VA rules — check your loan's actual terms.
- Sources: CFPB: Determine your down payment
- Last reviewed: July 24, 2026 by the CalcNotebook team
Frequently asked questions
How much is a down payment on a house?
It is a percentage of the price you choose (with your lender's minimums): 10% of a $400,000 home is $40,000, 20% is $80,000. Twenty percent is the classic threshold because it typically avoids PMI on conventional loans — but plenty of buyers put down less and pay PMI as the price of buying sooner.
Is 20% down always the right goal?
No — it is a trade-off, not a rule. Waiting for 20% avoids PMI but costs extra months of rent and market risk; buying at 10% starts equity sooner but adds PMI. Run both timelines above, price the PMI with our calculator, and decide with numbers instead of folklore.
Do I need cash beyond the down payment?
Yes: closing costs typically run 2–5% of the price (fees, title, prepaid taxes and insurance), and lenders like seeing reserves after closing. Budget the down payment plus a cushion, not the down payment alone.
Where should down payment savings live?
Money needed within a few years generally belongs in boring, liquid places — high-yield savings or similar — not in assets that can drop 20% the month you find the right house. Model the saving pace with our Savings Goal calculator.