fincalculator
Down Payment Calculator
Use this free Down Payment Calculator to determine the best down payment for your home. Simple, accurate, and easy to use online.
The Down Payment Calculator helps you determine exactly how much cash you need upfront to buy a home. The down payment is a critical factor in determining your mortgage balance, monthly payments, and whether you'll need to pay Private Mortgage Insurance (PMI).
A larger down payment reduces your loan amount, leading to smaller monthly payments and less interest paid over the life of the loan.
Fincalculator
INPUT VALUES
When to Use This Calculator
Use this calculator to:
- Set a Savings Goal: Determine exactly how much you need to save to reach 20% down.
- Understand Affordability: See how different down payment percentages affect your loan amount and total cash requirements.
Example Scenario
Example Scenario:
- Home Price: $300,000
- Down Payment: 20%
- Closing Costs: $5,000
Calculations:
- Down Payment: $300,000 × 0.20 = $60,000.
- Loan Amount: $300,000 - $60,000 = $240,000.
- Total Cash Needed: $60,000 + $5,000 = $65,000.