Down Payment Calculator
Enter a home price and target date. Compare 3%, 5%, 10%, and 20% down in real dollars, see where PMI disappears, and get the monthly savings number.
| Plus closing costs (~3%) | — |
| Total cash needed | — |
| Save per month to make it | — |
| PMI at this down payment | — |
What each down payment level really means ($350,000 home)
| Down | Cash | Monthly PMI (est.) | Loan size |
|---|---|---|---|
| 3% | $10,500 | $200–425 | $339,500 |
| 5% | $17,500 | $195–415 | $332,500 |
| 10% | $35,000 | $185–395 | $315,000 |
| 20% | $70,000 | $0 | $280,000 |
PMI (private mortgage insurance) runs roughly 0.3–1.5% of the loan yearly until you reach 20% equity — money that buys you nothing. Still, waiting years to reach 20% while prices and rents rise can cost more than PMI would; buying at 10% is a legitimate, common choice.
Do not forget the cash beyond the down payment
- Closing costs: 2–5% of the price (the calculator uses 3%).
- Moving + immediate repairs: budget $3,000–10,000.
- Emergency fund stays intact: emptying savings to zero for the down payment turns the first broken furnace into card debt. Keep 3+ months of expenses outside the house fund — size it with the emergency fund calculator.
Frequently asked questions
How much is a down payment on a $350,000 house?
3% is $10,500, 10% is $35,000, 20% is $70,000. Add 2–5% of the price for closing costs on top of any option.
Do I really need 20% down?
No — the conventional minimum is 3% (FHA 3.5%). 20% avoids PMI and lowers the payment, but millions buy with 5–10% down. It is a cost trade-off, not a requirement.
What is PMI and how much does it cost?
Private mortgage insurance protects the lender when you put down less than 20%. It typically costs 0.3–1.5% of the loan per year — $80–400/month on typical loans — and can be removed at 20% equity.
Where should I keep the down payment fund?
A high-yield savings account. Money needed within a few years should not ride the stock market — a 20% dip the year you want to buy would cost more than interest could earn.
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Last updated: 2026-07-08