Down Payment Calculator
Formula
Down Payment = Price × Percentage ÷ 100
Multiply the purchase price by the down payment percentage to see how much cash you need upfront.
How to use
- Enter the Purchase Price of the home or item.
- Enter your Down Payment percentage.
- Read the Down Payment amount and Loan Amount.
Example
On a $300,000 home with 20% down, your down payment is $300,000 × 0.20 = $60,000, leaving a $240,000 loan. A 20% down payment also typically lets you avoid PMI.
Frequently Asked Questions
How much is 20% down on $300K?
20% of $300,000 = $60,000 down payment, with a $240,000 loan.
What is the minimum down payment?
Conventional loans: 3-5%. FHA: 3.5%. VA/USDA: 0%. 20% avoids PMI.
Does the down payment cover closing costs too?
No, your down payment and closing costs are separate out-of-pocket expenses. Closing costs typically run another 2% to 5% of the purchase price and cover items like the appraisal, title insurance, lender fees, and prepaid taxes. On a $300,000 home, that can mean an additional $6,000 to $15,000 beyond your down payment, so budget for both.
Does a bigger down payment lower my monthly mortgage payment?
Yes, putting more money down reduces the loan amount, which lowers your monthly principal and interest payment and the total interest paid over the life of the loan. A larger down payment can also help you avoid PMI and may earn you a better interest rate. The trade-off is that more of your cash is tied up in the home and less is available for an emergency fund or other goals.