Home Down Payment Calculator
Determine the ideal down payment amount for your home purchase. Input the home price, desired down payment percentage, and interest rate to calculate the down payment amount and monthly mortgage payment.
What is Home Down Payment Calculator
A Home Down Payment Calculator is a tool used to calculate the amount of money needed for a down payment when purchasing a home. The down payment is the upfront payment made by the buyer towards the total purchase price of the property. This calculator helps potential homebuyers understand how different down payment amounts can affect their mortgage loan and overall affordability.
Here's how a Home Down Payment Calculator typically works:

Property Price: Enter the total price of the home or the desired property.

Down Payment Percentage: Specify the percentage of the purchase price that you plan to pay as a down payment. Common down payment percentages range from 5% to 20%, but it could vary based on loan requirements or personal preferences.

Calculation Results: The calculator will generate various results, such as:

Down Payment Amount: It will display the actual dollar amount that corresponds to the down payment percentage entered. This is the upfront cash you'll need to pay towards the purchase of the property.

Loan Amount: The calculator may also show the loan amount, which is the remaining balance after subtracting the down payment from the property price. This is the amount you will need to borrow from a lender to finance the purchase.

Monthly Payments: Depending on the calculator, it might estimate the monthly mortgage payments based on the loan amount, interest rate, and loan term. This can give you an idea of your ongoing financial commitment.

A Home Down Payment Calculator allows you to explore different down payment scenarios and understand the impact they can have on your home buying process. By adjusting the down payment amount, you can see how it affects the loan amount, monthly payments, and potentially the overall cost of the mortgage over time.
Remember, the down payment is just one factor to consider when buying a home. Other expenses such as closing costs, taxes, insurance, and maintenance costs should also be taken into account. It's important to speak with a mortgage lender or financial advisor who can provide personalized advice and guidance based on your specific financial situation and goals. They can help you understand the down payment requirements, available loan options, and determine what works best for you.
Using the calculator
Enter the appropriate values in the fields presented below to calculate your results. If some result boxes remain empty, this means that certain down payment percentages are unavailable to you according to the savings and home price you have input into the calculator.
Explaining down payments
A down payment is typically a percentage of a house's purchase price. To buy a house, you must pay a down payment. This payment will not form part of your home loan and must be paid upfront in cash for a home loan to be obtained. The down payment amount is then subtracted from your mortgage and represents the equity you hold (or ownership stake) in a property. Imagine that you are purchasing a house for $200,000. A 20% down payment on this property will come to $40,000, while a 5% down payment will be just $10,000.
When you are deciding on how large your down payment should be, you must consider a range of factors. A down payment is directly correlated to the amount owed on our home loan and the corresponding interest on that loan. Moreover, lenders can require borrowers who pay a down payment of under 20% to pay for PMI, or private mortgage insurance, which is designed to protect the lender if the borrower defaults on their home loan. Nonetheless, you may determine that you are better served by keeping more in your savings account to cover emergencies rather than forking out for a higher down payment.
Our calculator will clearly illustrate the impact that differing down payment amounts will have on your home loan. By showing you five different down payment percentage options, you will be able to directly compare monthly mortgage repayment amounts, total loan amounts, total interest, and PMI payments to help you make the best choice for you.
You may also be interested in our Home Equity Line of Credit Calculator or Mortgage Overpayment Calculator