How this calculator works
The down payment is the price times your chosen percentage. Starting from what you've saved, the calculator adds your monthly savings and the interest your savings earn until you reach it. The table compares common down payments from 3% to 20%; below 20% a conventional loan usually needs PMI.
Worked example
With the example values below: Down payment, $38,000 (leaves a $342,000 loan). Change any number above to run your own.
What you enter
| Input | Example |
|---|---|
| Home price | $380,000 |
| Down payment | 10% |
| Saving for it | |
| Saved so far | $12,000 |
| Monthly savings | $1,200 |
| Savings APY | 4% |
Minimum down payments by loan type
A smaller down payment gets you into a home sooner but means a larger loan, a higher payment and, on most loans, mortgage insurance.
| Loan type | Minimum down | Notes |
|---|---|---|
| Conventional | 3% | First-time buyer programs; 5% otherwise |
| FHA | 3.5% | With a 580+ credit score; 10% at 500–579 |
| VA | 0% | Eligible veterans and service members |
| USDA | 0% | Eligible rural areas and income limits |
| Jumbo | 10% to 20% | Varies by lender |
Is 20% down necessary?
No. The 20% figure matters because it's the point where conventional loans no longer require PMI. Many buyers put down less and pay PMI for a few years, especially when home prices are rising faster than they can save.
Compare the cost of waiting with the cost of PMI. On a $380,000 home, going from 10% to 20% down means saving another $38,000. The PMI calculator shows what the insurance would cost in the meantime and when it would come off.
Where the money can come from
Lenders will want to see where the money came from, so keep statements and avoid large unexplained deposits in the months before applying.
- Savings in a high-yield account or short-term Treasury bills while you save.
- Gift funds from family, documented with a gift letter; most loan types allow them.
- Down payment assistance from state housing finance agencies and local programs, often for first-time buyers.
- Retirement accounts, such as a 401(k) loan or up to $10,000 from an IRA for a first home, though both reduce retirement savings.
Don't forget closing costs and reserves
The down payment isn't the only cash you need. Closing costs typically add 2% to 5% of the price; see the closing cost calculator. Some lenders also want reserves, a few months of payments left in the bank after closing. Budget for moving costs and early repairs too, so the purchase doesn't empty your emergency fund.
Frequently asked questions
How much should I put down on a house?
Enough to keep the payment comfortable while leaving an emergency fund intact. 20% avoids PMI on a conventional loan, but 5% to 10% is common, and FHA, VA and USDA loans allow 3.5% or less.
What is the minimum down payment for a house?
3% for many conventional loans for first-time buyers, 3.5% for FHA with a 580+ credit score, and 0% for VA and USDA loans for eligible borrowers.
How long will it take to save for a down payment?
Divide what you still need by your monthly savings, then allow for interest. Saving $30,000 more at $1,200 a month takes about 24 months, a little less with interest in a high-yield account.
Can a down payment be a gift?
Yes, on most loan types. The giver usually signs a gift letter stating the money doesn't need to be repaid, and the lender may ask for bank statements showing the transfer.
Is it better to put more down or keep cash?
Keep enough cash for an emergency fund and early repairs first. Beyond that, a larger down payment lowers your payment and interest, and reaching 20% removes PMI, which is often the best return on extra cash.
Grow what this calculator projects.
TruthSayer AI sends quantitative stock signals across valuations, earnings and dark-pool activity, each one traded in its own funded account first.
Estimates for planning only, not financial, tax or legal advice. Tax tools use 2026 federal figures (brackets, $16,100 / $32,200 standard deduction, $19,000 gift exclusion, $15M lifetime exemption). Rates shown as defaults are examples; replace them with quotes you actually receive.