Common question
How much is a down payment?
A down payment is the cash you pay toward the price. The loan is the price minus that cash. This page does that multiplication for the percent you enter, and it shows four common percents on the same price.
Twenty percent is the usual point where conventional PMI is not required. It is not a rule that you must put 20% down. The result is an estimate of the cash and the loan, not a full closing budget.
About $90,000.
Compare scenarios
Common down payments
PMI practices vary by loan type. FHA loans can require mortgage insurance below and above 20% down.
| Down payment | Amount | Loan | Conventional PMI |
|---|---|---|---|
| 3% | $13,500.00 | $436,500.00 | Often required |
| 5% | $22,500.00 | $427,500.00 | Often required |
| 10% | $45,000.00 | $405,000.00 | Often required |
| 20% | $90,000.00 | $360,000.00 | Usually not required |
How we calculated this
Down payment is the home price multiplied by the percent you plan to pay in cash. The loan is the price minus that cash.
What does this mean?
$90,000 is at least 20% down, which is the usual point where conventional PMI is not required.
Your assumptions
Edit assumptions- Home price
- $450,000
- Down payment
- 20%
This calculator provides an estimate for informational purposes. Actual mortgage payments, taxes, insurance, PMI, fees, and lender terms may vary.
How the estimate is calculated
Down payment equals the home price times the percent you enter. The loan equals the price minus that amount. Loan-to-value is the loan divided by the price.
The comparison table repeats the same math at 3%, 5%, 10%, and 20%. Under 20%, the table notes that conventional PMI is often required. It does not calculate the insurance premium. Closing costs are not included.
Open the Down Payment Calculator · How this calculator works
Questions
Is 20% down required?
No. It is the usual point where conventional PMI drops off. Some loans allow less down, and some still charge mortgage insurance above 20%.
Does this include closing costs?
No. It is the down payment only. Use the closing cost calculator for fees and prepaids.
What is loan-to-value?
Loan-to-value is the loan divided by the price. A 20% down payment is an 80% loan-to-value.
Can I enter a dollar amount instead of a percent?
This page starts from a percent. Divide the cash you have by the price if you need to turn dollars into a percent first.