Down Payment Calculator: How Much Cash Do You Need for a House?
Enter a home price and a down payment percent to see the cash you need, the loan left over, the monthly payment, and how long your savings plan will take.
The down payment is the home price times the percent you put down. On a $350,000 home, 10% down is $35,000 in cash, which leaves a $315,000 loan; at 6.5% for 30 years that loan costs about $1,991 a month in principal and interest. Putting 20% down takes $70,000 and drops the payment to about $1,770.
This calculator gives an estimate for general education only. It is not financial advice, a loan offer or a preapproval. The payment shown is principal and interest at a fixed rate and leaves out mortgage insurance, property tax, homeowners insurance, HOA dues and closing costs. Minimum down payments depend on the loan program, your credit and the lender. Talk to a lender or a qualified financial professional before you commit to a purchase.
Down payment
$35,000.00
Under 20% down, a conventional lender may require private mortgage insurance, which is not in the payment below.
- Loan amount
- $315,000.00
- Loan-to-value
- 90.00%
- Principal and interest per month
- $1,991.01
- Still to save
- $20,000.00
- Time to save it
- 20 months
| Down | Cash | Loan | P&I |
|---|---|---|---|
| 3% | $10,500 | $339,500 | $2,145.87 |
| 3.5% | $12,250 | $337,750 | $2,134.81 |
| 5% | $17,500 | $332,500 | $2,101.63 |
| 10% | $35,000 | $315,000 | $1,991.01 |
| 20% | $70,000 | $280,000 | $1,769.79 |
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About the Down Payment Calculator
A down payment does three jobs at once. It sets how much cash you need on closing day, it sets the size of the loan, and it sets the loan-to-value ratio that lenders price against. This calculator shows all three for the percent you pick, then repeats the math at 3%, 3.5%, 5%, 10% and 20% so you can see what each extra step of savings buys. The gap between 10% and 20% on a $350,000 home is $35,000 more cash for about $221 less a month. Below 20% down, a conventional loan may require private mortgage insurance, a monthly cost that is not in the payment shown here. FHA loans allow 3.5% down with a credit score of 580 or higher but carry their own mortgage insurance at every down payment. If you enter what you have saved and what you can set aside each month, the page also tells you how many months remain, without counting any interest on the savings. Closing costs come on top of the down payment, so leave room for them in the plan.
Frequently asked questions
How much is a down payment on a $350,000 house?+
At 3% it is $10,500, at 5% it is $17,500, at 10% it is $35,000 and at 20% it is $70,000. The table under the result shows each one with its loan amount and monthly principal and interest at your rate.
Do I need 20% down to buy a home?+
No. Many buyers put down less. What 20% changes is mortgage insurance: on a conventional loan, putting down less than 20% may mean paying private mortgage insurance until you build enough equity. The calculator flags any percent under 20 so you know to ask your lender about it.
What is the lowest down payment I can make?+
It depends on the loan program and the lender. FHA requires at least 3.5% for borrowers with credit scores of 580 or higher, and some conventional programs accept 3%. Treat the 3% and 3.5% rows here as examples, not an offer.
How long will it take me to save for a down payment?+
Enter what you have saved and what you can put away each month. With $15,000 saved toward a $35,000 down payment and $1,000 a month set aside, you need $20,000 more, which takes 20 months. The count ignores interest on the savings, so a high-yield account would get you there a little sooner.
Is a bigger down payment always better?+
Not always. A larger down payment means a smaller loan, less interest and often no mortgage insurance, but it also ties up cash you might need for closing costs, moving, repairs or an emergency fund. Many buyers stop short of 20% on purpose to keep a cushion.
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