Calculate your down payment for any home price. See exactly how much you need for FHA (3.5%), conventional (3–20%), VA (0%), and USDA (0%) loans — plus PMI cost
Calculate how much to save for a home down payment.
A down payment calculator tells you exactly how much cash you need upfront to buy a home — and how your down payment amount affects your monthly mortgage payment, PMI cost, and total interest paid over the life of the loan. Enter your home price and target loan type to see minimum requirements, PMI estimates, and a side-by-side comparison of 3%, 5%, 10%, and 20% down payment scenarios.
Minimum down payments by loan type in 2026:
What the calculator shows:
The 20% myth: Most first-time buyers do not put 20% down. According to the National Association of Realtors (NAR), the average first-time buyer down payment in 2024 was 8% — not 20%. Many buyers put down as little as 3–3.5%. PMI costs ($100–$400/month) are often cheaper than waiting 2–3 extra years to save the full 20%, especially in rising home price markets. Use the comparison table to model your actual break-even point.
The minimum depends on your loan type: FHA loans require 3.5% (580+ credit score), conventional loans start at 3% (620+ score), VA loans require 0% (eligible veterans/active-duty), and USDA loans require 0% (eligible rural/suburban areas with income limits). The average first-time buyer puts down around 8% — not the 20% myth. The calculator shows exact dollar amounts for any home price.
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is under 20%. It typically costs 0.46%–1.50% of the loan amount annually, split into monthly installments. PMI is cancellable once your equity hits 20% (you can request it) or 22% (lenders must auto-cancel). FHA loans have a similar Mortgage Insurance Premium (MIP) that lasts the life of the loan — unless you put 10%+ down (then 11 years) — and cannot be cancelled by reaching 20% equity.
Not always. Putting 20% down eliminates PMI and lowers your monthly payment, but ties up a large amount of cash. If that same money earns 7–10% annually in investments, it may outperform the 0.5–1.5% PMI cost you'd avoid. Keeping cash reserves for home repairs and emergencies is often smarter. Use the calculator's scenario comparison to see your actual 30-year cost difference before deciding.
In 2026: FHA (3.5% down) requires 580+; FHA (10% down) accepts 500–579; Conventional (3% down via HomeReady/HomePossible) requires 620+; VA loans typically require 580–620 depending on the lender; USDA loans typically require 640+. A higher score not only helps you qualify — it directly lowers your interest rate and PMI cost, saving thousands over the loan term.
Yes. FHA, VA, and USDA loans all allow 100% of the down payment to be a gift from a family member — no repayment required. Conventional loans (Fannie Mae / Freddie Mac) also allow gift funds, with some restrictions based on down payment size. A signed gift letter from the donor confirming no repayment is required by all loan types. Gifts from employers, nonprofit organizations, and government DPA programs are also accepted on most loans.
Down payment assistance (DPA) is available through state housing agencies, local governments, and nonprofits — typically $5,000–$25,000+ in grants or low-interest second loans. Strong 2026 programs include Florida Hometown Heroes, California CalHFA, Texas TDHCA, and New York SONYMA. Most require income below 80–115% of area median income, first-time buyer status, and a primary residence purchase. Visit HUD.gov or your state's housing finance agency for programs by ZIP code.
At the 2026 US median home price (~$420,000): a 3.5% FHA down payment = $14,700 (saving $500/month = ~29 months); a 5% conventional = $21,000 (~42 months); 20% = $84,000 (~14 years at $500/month). Realistically, most buyers save $500–$1,500/month and supplement with gift funds or DPA grants. Down payment assistance programs can cut the saving timeline by 50% or more.