Calculate your down payment and see how it affects your monthly payment and PMI costs.
Minimum for conventional: 3%
Enter your home price and down payment details to see your results.
Putting down 20% helps you avoid PMI, get better interest rates, have lower monthly payments, and build equity faster. However, it's not always necessary or the best strategy.
FHA loans require just 3.5% down, conventional loans can go as low as 3%, and VA/USDA loans offer 0% down for qualified buyers. These help you buy sooner while keeping cash reserves.
Many states and local governments offer down payment assistance programs for first-time homebuyers, teachers, veterans, and low-to-moderate income families. These can provide grants or low-interest loans.
Most loan programs allow you to use gift funds from family members for part or all of your down payment. Proper documentation is required, and the donor must sign a gift letter.