Question 1

What is a down payment calculator?

Accepted Answer

A down payment calculator works out how much cash you put toward a home and the loan that's left.

This free one compares 3% to 20% and shows when you'll have saved it.

Question 2

How much is a down payment on a $400,000 house?

Accepted Answer

From $12,000 at 3% to $80,000 at 20%.

At 10% it's $40,000.

Question 3

Do I need 20% down?

Accepted Answer

No, many loans take 3% to 5% down.

Under 20%, most conventional loans add PMI.

Question 4

What is PMI?

Accepted Answer

Private mortgage insurance protects the lender when you put less than 20% down.

It ends when your loan falls to 78% of the home's original value.

Question 5

What is the minimum down payment for an FHA loan?

Accepted Answer

3.5% with a qualifying credit score.

FHA loans carry their own mortgage insurance.

Question 6

How long will it take to save my down payment?

Accepted Answer

Divide what's left by what you save a month.

With $25,000 to go at $1,000 a month, that's 25 months.

Question 7

Should I put more down or keep it in savings?

Accepted Answer

Keep an emergency fund first.

After that, more down means less interest and no PMI sooner.

Question 8

Who made the down payment calculator?

Accepted Answer

I did.

I'm Navid Moazzez, and I made the down payment calculator as one of my free tools on navid.me.

Free Down Payment Calculator (+ Guide)