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Mortgage & Loans
Down Payment Calculator — Home Price, Loan Amount & PMI Check
How much to put down, what you'll borrow, and when you dodge PMI
Your down payment is the slice of the home price you pay in cash up front; the rest is what the bank lends you. This calculator answers two tightly linked questions: exactly how many dollars do I put down at a given percent (or what percent does my cash add up to), and does that amount land me on the PMI side of the 20% line. Those are the down-payment questions — the full monthly P&I, taxes and insurance breakdown belongs on our Mortgage Payment Calculator, and we'll point you there for it.
The conversion math runs both directions, which is why this tool accepts either entry. From a percent: Down payment ($) = Home price × (Percent ÷ 100). From a dollar figure: Percent down = Down payment ($) ÷ Home price × 100. Either way the loan is whatever's left: Loan amount = Home price − Down payment. On a $400,000 home, 20% down is 400,000 × 0.20 = $80,000 and a $320,000 loan; flip it and a $60,000 check is 60,000 ÷ 400,000 = 15% down — under the line.
The 20% threshold is the heart of this page. On a conventional loan, when your down payment is less than 20% of the price, the lender requires private mortgage insurance (PMI) — a charge that reimburses the lender (not you) if you default. PMI typically costs 0.5%–1.5% of the loan balance per year, billed monthly: on a $360,000 loan a 0.8% rate is roughly $240/month, around $2,880 a year of pure overhead that builds you no equity. Your exact rate depends on your credit score and how far under 20% you are.
PMI is not forever. Once your equity reaches 20% of the original value you can request cancellation in writing, and under the federal Homeowners Protection Act it must automatically terminate at 22% equity (provided you're current on payments). That's why the gap between 19% and 20% down matters far beyond the dollars: at 19% you carry PMI until you pay the balance down or your home appreciates, while 20% skips it from day one.
You don't always need 20%, and this page maps the realistic ladder of choices. Conventional programs go as low as 3% down; FHA loans allow 3.5% down (with their own upfront and annual mortgage insurance premium, MIP, that works differently from conventional PMI); 5% and 10% are common middle rungs; 20% is the PMI-free target. The scenario table below runs all five against your home price so you can see, in one glance, how the cash you write, the loan you carry, and the PMI flag all shift as you move up or down the ladder.
📖 See also: FHA vs Conventional vs VA Loan: Which Fits?
Calculator
Fill in the fields and click "Calculate" for instant results.
📰 Formula
• Down payment ($) = Home price × (Percent / 100) • Percent down = Down payment ($) / Home price × 100 • Loan amount = Home price − Down payment • PMI required if down payment < 20% of the home price (conventional loan) • Estimated PMI/mo = (Loan amount × PMI rate% / 100) / 12, with PMI rate ≈ 0.5%–1.5% • PMI auto-cancels at 22% equity; removable by request at 20% • Equity at closing = Down payment ($)
📰 Formula
• Down payment ($) = Home price × (Percent / 100) • Percent down = Down payment ($) / Home price × 100 • Loan amount = Home price − Down payment • PMI required if down payment < 20% of the home price (conventional loan) • Estimated PMI/mo = (Loan amount × PMI rate% / 100) / 12, with PMI rate ≈ 0.5%–1.5% • PMI auto-cancels at 22% equity; removable by request at 20% • Equity at closing = Down payment ($)
🧪 Worked examples
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Example 2
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Example 3
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Example 4
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Example 5
⚠️ Common mistakes
- Mixing up percent and dollar entry, so the loan amount and PMI flag come out wrong.
- Thinking PMI protects you; it reimburses the lender if you stop paying, and builds you no equity.
- Assuming a tiny bump like 19%→20% is trivial — it's the difference between paying PMI for years and skipping it from day one.
- Treating FHA's 3.5% as PMI-free; FHA carries its own mortgage insurance premium (MIP) that often lasts the life of the loan.
- Expecting PMI to vanish the instant you cross 20% — you must request removal, and it auto-cancels only at 22% equity.
💡 Tips
- Hitting exactly 20% down kills PMI outright and usually earns a better interest rate — aim for that line if you're close.
- Just under 20%? Run the dollar gap here: a small top-up to reach the threshold can erase years of PMI premiums.
- Below 20%, multiply your loan by 0.005 to 0.015 and divide by 12 to ballpark your monthly PMI before you commit.
- Already own and your home appreciated? You may be at 20%+ equity now — request PMI removal rather than waiting for the 22% auto-cancel.
- Once you've fixed your down payment here, take the resulting loan amount to our Mortgage Payment Calculator to see the full PITI.
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❓ Frequently asked questions
How do I calculate a down payment on a house?
Multiply the home price by the down payment percent divided by 100. On a $400,000 home at 20%, the down payment is 400,000 × 0.20 = $80,000.
How much is 20% down on a $300,000 house?
20% of $300,000 is $60,000. That leaves a loan amount of $240,000 and means you avoid PMI on a conventional loan.
Do I have to put 20% down to buy a house?
No. FHA loans allow as little as 3.5% down and many conventional loans allow 3%. Below 20% you'll typically pay PMI and borrow more, raising your monthly payment.
What is PMI and when do I have to pay it?
Private mortgage insurance is a monthly charge a lender requires when your down payment is under 20% on a conventional loan. It reimburses the lender, not you, if you default, and it builds you no equity — it's pure overhead until you reach 20% equity.
How much does PMI cost per month?
PMI typically runs 0.5%–1.5% of the loan balance per year, billed monthly. On a $360,000 loan at 0.8% that's about $240 a month, or roughly $2,880 a year. Your exact rate depends on your credit score and how far below 20% you put down.
How do I avoid paying PMI?
Put down at least 20% of the home price so PMI never applies. If you're already in a loan with PMI, request removal in writing once you reach 20% equity; by law it must auto-cancel at 22% equity as long as you're current on payments.
What is the minimum down payment on a house?
Conventional loans can start at 3% down and FHA loans at 3.5%. VA and USDA loans allow 0% down for eligible buyers. Anything under 20% means a larger loan plus mortgage insurance — PMI on conventional loans, MIP on FHA.
Is FHA's 3.5% down really cheaper than a conventional loan?
It needs less cash up front, but FHA loans carry their own mortgage insurance premium (MIP) — an upfront fee plus an annual charge that, on most FHA loans, lasts the life of the loan. Conventional PMI, by contrast, drops off at 20%–22% equity, so weigh both before choosing.
How do I convert a dollar down payment into a percent?
Divide the down payment by the home price and multiply by 100. A $50,000 down payment on a $250,000 home is 50,000 ÷ 250,000 × 100 = 20%. Enter it either way above and the calculator fills in the other figure and the PMI flag instantly.