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This tool is part of these guided projects. Each project provides step-by-step instructions with checklists and all the tools you need in one place.
Decide rent vs buy, calculate mortgage affordability, plan your down payment, and organize the move.
Assess readiness, compare rent vs buy, save for a down payment, get pre-approved, and navigate from house hunting to closing.
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The down payment is a percentage of the home purchase price paid upfront. The remainder is financed through a mortgage.
Down Payment = Home Price × (Down Payment % ÷ 100)The mortgage principal is the difference between the purchase price and down payment.
Loan Amount = Home Price − Down PaymentThe Down Payment Calculator applies industry-standard financial equations used by lenders, accountants, and planners. All intermediate values are computed with floating-point precision and rounded only for display.
Result = f(principal, rate, period, …)Updated: July 2026
A first-time buyer saving for a 10% down payment on a $350,000 starter home.
→ Down payment: $35,000, loan: $315,000 (PMI required)
Saving enough to put 20% down and eliminate Private Mortgage Insurance.
→ Down payment: $96,000, loan: $384,000 (no PMI)
A homebuyer runs the Down Payment Calculator with two interest rates side by side to compare total interest paid over 30 years before choosing a lender.
Keep 3–6 months of expenses in emergency savings after closing. Closing costs (2–5% of price) and moving expenses add $10,000–$20,000 beyond the down payment.
FHA loans require as little as 3.5% down. Conventional loans accept 3–5% for qualified buyers. Lower down payments require PMI but enable earlier homeownership.
Use our free Down Payment Calculator for fast, accurate results in your browser. No signup or installation required — works on any device.