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Down Payment Calculator — How Much Do You Actually Need?

Calculate your down payment, monthly cost, and whether you trigger PMI — across any home price and down percentage.

Quick answer: A down payment reduces loan size, monthly payment, and sometimes PMI. The best amount balances lower housing costs against keeping enough cash for reserves and closing costs.

Down Payment
$45,000
Down Payment
$45,000
Loan Amount
$405,000
Monthly Principal & Interest
$2,619
Monthly PMI
$287
Monthly P&I Plus Initial PMI
$2,906
Total Interest Paid
$537,750
Diagnostic

A 10.00% down payment on this home is $45,000. Your estimated monthly payment is $2,906.

This conventional-loan illustration excludes property taxes, homeowners insurance, HOA dues, closing costs, and any later PMI cancellation.

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What to do next

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Your action plan
  1. 1

    Set the target and timeline for this plan

    Estimate a conventional down payment, principal and interest, and user-entered initial PMI scenario.

  2. 2

    Compare the result against current market-rate options

    Assumptions change the answer, especially when rates, taxes, or timing matter.

  3. 3

    Save the result to Money Map or use the linked next action

    Turn the result into a prioritized action instead of treating it as a one-off number.

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This is an educational estimate, not tax, legal, investment, or lending advice. Tax rules, rates, and eligibility change and depend on your full situation. Confirm with a qualified professional or the provider before acting.

Calculator action path

Turn this result into a decision

Every SwitchWize calculator connects to a product comparison, rate context, guidance, alerts, and Money Map.

Rate authority hub
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You could gain ~$45,000/yr — compare nowMove from calculation to current product options.
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Track mortgage ratesUse market context before you decide when to act.
Guide
USDA Loan vs FHA Loan: Which Fits Your First Home in?USDA loans vs FHA loans compared on down payment, mortgage insurance, income limits, and eligible locations. See which low-down-payment program fits you.
Money Map
Map this $45,000/yr opportunitySave this opportunity and see how it fits your broader money plan.
Alert
Create a rate alertWatch the market instead of checking manually.

About mortgage rates

Mortgage rates depend on loan type (30-yr fixed, 15-yr fixed, ARM, FHA, VA, jumbo), your credit score, down payment, points paid, loan amount, property state, and whether you're purchasing or refinancing. The calculator above uses a representative market rate for payment estimates — your actual rate will vary.

For a personalized rate comparison, use the tool below to see lenders ranked by APR, loan type, and your profile.

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30-yr fixed · 15-yr fixed · FHA · VA · ARM — ranked by APR
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Mortgage rates shown on SwitchWize compare pages include loan type, assumed FICO, LTV, and points. Representative only — verify all terms directly with the lender. Advertising disclosure

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Frequently Asked Questions

Everything you need to know.

Do I really need 20% down?
No. Conventional loans accept 3-5% down with PMI. FHA loans go as low as 3.5%. VA loans (if eligible) require 0% down. The 20% threshold matters because that is where PMI drops off and you start with real equity. Below 20% you pay PMI until your loan-to-value drops to ~78%.
How much is PMI?
PMI typically costs 0.3% to 1.5% of the loan amount per year, depending on credit score and down payment. Most borrowers pay around 0.75% annually. On a $400,000 loan that is $3,000/year or $250/month. PMI is automatically cancelled when your LTV reaches 78% of the original home value.
Should I put down more than 20% if I can afford it?
It depends on opportunity cost. Putting an extra $50K down at a 7% mortgage rate saves you 7% on that money. But the same $50K invested in a diversified portfolio has historically returned ~10% per year. Mathematically, investing wins if you stay disciplined — but a paid-down mortgage is psychologically powerful for many people.
Is the Down Payment Calculator — How Much Do You Actually Need? free to use?
Yes. SwitchWize calculators are free, and you do not need an account to run scenarios or view the result.
Does using the Down Payment Calculator — How Much Do You Actually Need? affect my credit score?
No. Using a calculator does not trigger a credit check. A credit impact can occur only if you apply directly with a lender, card issuer, or provider.
Are the results personalized financial advice?
No. Calculator outputs are educational estimates based on the inputs you enter. Review assumptions and confirm terms directly with providers before making a financial decision.
What should I do after seeing the result?
Use the recommendation module on this page to compare mortgage rates, or run Money Map to compare this home & mortgage decision with your other opportunities.
How does SwitchWize choose related offers?
Related offers are matched by the calculator surface (mortgage) and ranked using SwitchWize data such as rate, fees, trust signals, product fit, and switching friction. Paid relationships do not change organic ranking order.
How fresh are the rates and offers shown?
Rate and offer data is reviewed on a recurring cadence and every offer module shows review context or links to the methodology and disclosure pages.
Where can I see the ranking methodology?
The SwitchWize methodology page explains how rate freshness, editorial review, affiliate disclosure, and category ranking factors work.
Can Money Map use this result?
Yes. Money Map is the broader diagnostic path: it compares savings, mortgage, cards, and debt so you can see whether this calculator result is your highest-impact next move.

Why This Matters

The down payment is the biggest cash hurdle to homeownership and one of the most consequential numbers in your mortgage. Going from 5% to 20% down eliminates PMI (typically $100-$300/mo), lowers your monthly payment, and saves tens of thousands in interest over 30 years. But putting more down means more opportunity cost — money you can't invest. This calculator quantifies the tradeoff so you can decide.

How to Use It

  1. 1Enter the home price you are considering
  2. 2Slide the down payment percent (most conventional loans need 5-20%)
  3. 3Set your expected mortgage rate (use our /mortgage page for live rates)
  4. 4See your down payment dollar amount, monthly cost, PMI if any, and total interest
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