dollar_banknote Down Payment Calculator
Plan your home purchase down payment. Calculate how much you need to save, your monthly mortgage payment, and understand mortgage insurance requirements.
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Frequently Asked Questions - Down Payment Calculator
How much should I put down on a house?
20% is ideal as it avoids Private Mortgage Insurance (PMI) and gives you instant equity. However, many buyers put down 3-10% through programs like FHA (3.5%), conventional 97 (3%), or VA loans (0%). Weigh the PMI cost against the opportunity cost of tying up more cash.
What is PMI and how do I avoid it?
Private Mortgage Insurance (PMI) is required by lenders when your down payment is less than 20%. It protects the lender if you default. PMI typically costs 0.5-1.5% of the loan amount annually. You can cancel it once you reach 20% equity.
What are the different types of mortgage loans?
Conventional loans are not government-backed and have stricter requirements. FHA loans require only 3.5% down but have mortgage insurance for the life of the loan. VA loans offer 0% down for eligible veterans. USDA loans offer 0% down in rural areas.
What other costs should I budget for beyond the down payment?
Closing costs typically run 2-5% of the purchase price and include loan origination fees, appraisal, title insurance, and escrow. Also budget for moving costs, immediate repairs or renovations, property taxes, homeowners insurance, and HOA fees.
Can I use gifted money for a down payment?
Yes, most lenders allow gift funds from family members for down payments. You will need a gift letter stating the money is a gift and not a loan. Some loan types require that a portion of the down payment comes from your own funds.
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