Down Payment Calculator
How much you need, how long it takes to save, and what each level actually costs once mortgage insurance is counted.
The address carries whatever you changed, so anyone opening it sees these numbers. Nothing is saved on our side.
Still to save
$65,000
$100,000 needed, $35,000 saved. At $1,500 a month that is 3 years 8 months away.
- $100,000
- 20% of the price
- $35,000
- 3 years 8 months
- $400,000
- $2,594
- 30-year fixed
- $0
- not required
What each level costs
Principal, interest and mortgage insurance on a 30-year loan at your rate. Taxes and insurance are left out here so the effect of the down payment alone is visible.
| Down payment | Monthly | Interest + PMI | vs yours |
|---|---|---|---|
| 3.5%$17,500 down · $201 PMI | $3,331 | +$139,279 more in total | |
| 5%$25,000 down · $198 PMI | $3,279 | +$127,631 more in total | |
| 10%$50,000 down · $188 PMI | $3,106 | +$87,747 more in total | |
| 15%$75,000 down · $177 PMI | $2,934 | +$47,009 more in total | |
| 20%yours$100,000 down · no PMI | $2,594 | — | |
| 25%$125,000 down · no PMI | $2,432 | −$33,373 less in total |
The jump at 20% is larger than the extra cash alone explains, because it removes mortgage insurance entirely rather than merely shrinking the loan.
How this calculator works
The deposit itself is one multiplication. What it costs you is the interesting part.
deposit = price × percentage
still to save = deposit − saved
months = still to save ÷ monthly saving
The comparison below then prices each level as a real loan: principal and interest on a 30-year term at your rate, plus mortgage insurance where the deposit is under 20%. Taxes and insurance are deliberately left out of that table so the effect of the deposit alone is visible.
What is assumed
- Savings do not earn interest while you accumulate them. Over a year or two at current rates that is a small understatement.
- The price stays where it is while you save. It may not.
- Mortgage insurance at 0.5% of the loan a year, which is a mid-range figure; yours depends on credit and loan type.
Questions people ask
No. Conventional loans go to 3% for some buyers, FHA to 3.5%, and VA and USDA loans can require nothing at all. What 20% buys is the removal of private mortgage insurance, which is why it is the number everyone quotes — not because smaller deposits are unavailable.
It depends on what prices and rates do while you save. Waiting two years to avoid mortgage insurance is a clear win if prices are flat, and a clear loss if they rise faster than you save. Mortgage insurance also ends on its own once you reach 78% loan-to-value, so it is a temporary cost rather than a permanent one.
Closing costs, typically 2–5% of the price, on top of the deposit — lender fees, title, appraisal, prepaid taxes and insurance. Many lenders also want to see reserves left over afterwards. A deposit that leaves you with nothing is a deposit that is too large.
Rarely a good trade. Early withdrawals usually carry tax and penalties, and the money loses decades of compounding. Some plans allow a loan against the balance instead, which avoids the penalty but comes with its own risks if you leave the job.
Buying a home
Mortgage CalculatorMonthly payment with taxes, insurance and HOARelated calculators
An estimate for planning. Loan programmes, minimum deposits and mortgage insurance rates vary by lender and by your circumstances.