Mortgage Down Payment Calculator

How to calculate your mortgage down payment

The bigger your down payment, the less you’ll need to borrow with a mortgage. This calculator helps illustrate what happens when you put down more or less. To use it:

1. Input your minimum down payment. This is the lowest amount of money you’re able to put toward your home purchase. If you’re getting a conventional mortgage loan, for example, your down payment might be as little as 3 percent of the home’s price.
2. Input your maximum down payment. This is the highest amount of money you’re willing and able to put toward your home purchase.
3. Input the home’s purchase price.
4. Input the loan term in months. For a 30-year mortgage, this equates to 360 months.
5. Input the interest rate on your mortgage. You might already know your rate if you have a preapproval from a lender. If not, you can make an educated estimate based on your credit score and prevailing market rates.

Once you enter this information, you’ll learn how your monthly mortgage payment changes based on a higher or lower down payment amount, as well as how much you could save on your mortgage over time if you put more money down.

How a mortgage down payment calculator can help you

There are several ways to use this mortgage down payment calculator, including to: 

• Assess different down payment amounts to arrive at an affordable monthly payment
• Consider whether your funds would be better off invested
• Determine how much you'd save by putting more money down
• Learn how different loan term lengths affect your monthly payment
• Compare how changes in interest rate impact your monthly payment

What is a down payment?

A down payment is the portion of a home's purchase price you pay in cash upfront. The rest of the purchase is then covered by a mortgage. These down payment funds can come from your savings, a gift, proceeds from the sale of another home, grants and other sources. Generally, the higher your down payment, the better your loan terms.

Benefits of a larger down payment

With a larger down payment, you won’t have to borrow as much mortgage to complete the purchase of your home. On the surface, this means you’ll have a lower monthly mortgage payment and save real money on interest charges. This also might keep you from taking on more debt than you can handle. 

On a deeper level, you’ll get a lower interest rate, too. That’s because you’re taking on less mortgage, making you a lower risk for a lender. In addition, you’ll have that much more instant equity to pull from, plus a lower mortgage insurance premium or the ability to avoid these premiums altogether.

The median down payment in the U.S. was about 15 percent as of January 2025, or $54,310, according to ATTOM. This is much higher than many of the minimum down payment requirements:

• Conventional loan: 3%-5%, depending on lender and type
• FHA loan: 3.5%
• Jumbo loan: 10%-20% or more, depending on lender
• VA loan: 0%
• USDA loan: 0%

How to save for a down payment

If you’re struggling to make a down payment, you’re not alone. With the gaping mismatch between income growth and home price appreciation, many homebuyers can’t feasibly save much. There are programs, savings vehicles and strategies that can help, however, including:

• Automating your savings
• Deferred- or low-interest second mortgages or other assistance programs
• Free or forgivable grants
• High-yield savings account
• CD or MMA
• Apps to help you save

Next steps to get a mortgage

1. Compare mortgage options and rates. Check out our guide on how to get a mortgage to help you decide which loan type best meets your needs and learn tips to compare lenders and rate offers.
2. See mortgage lender reviews. Find out what others have to say about the lenders you’re interested in.
3. Get preapproved. When you're ready to start making offers on homes, contact a lender to get preapproved for financing.