Down Payment Calculator
Calculate how much down payment you need, how long to save it and the PMI impact.
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Frequently Asked Questions
How much down payment do I need to buy a house?
Minimum down payments: Conventional loan 3-5%, FHA loan 3.5% (with 580+ credit score), VA loan 0% (veterans), USDA loan 0% (rural areas). Putting down 20% eliminates PMI, which can save $100-$300/month. A larger down payment also gives better mortgage rates and lower monthly payments.
What is PMI and how do I avoid it?
PMI (Private Mortgage Insurance) protects the lender if you default. It costs 0.3-1.5% of the loan annually (typically $100-$300/month). Avoid it by putting down 20%+, using a piggyback loan (80/10/10), or choosing a lender-paid PMI option (slightly higher rate). PMI can be cancelled once you reach 20% equity.
Where should I save my down payment?
Keep your down payment in safe, liquid accounts — not stocks. Best options: high-yield savings account (4-5% APY in 2026), money market account, short-term CDs, or I-bonds for portions you will not need for 1+ year. Never invest a down payment you will need within 2-3 years in the stock market.