Tiny Toolkit

Down Payment Calculator

Enter your home price and a down payment percentage — or use the quick-select buttons for 3.5%, 5%, 10%, and 20% — to instantly see the down payment dollar amount, resulting loan size, and loan-to-value ratio. The calculator flags when PMI is required (below 20% down) and estimates the monthly PMI cost range. A clear way to compare how different down payment amounts affect your loan and cash requirements.

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Frequently Asked Questions

How much down payment do I need to buy a house?
The minimum depends on the loan type. Conventional loans typically require 3–5% for first-time buyers, 5–20% otherwise. FHA loans require 3.5% with a 580+ credit score. VA and USDA loans allow 0% down for eligible buyers.
What is LTV and why does it matter?
LTV (Loan-to-Value) is the loan amount as a percentage of the property value. A 20% down payment produces an 80% LTV. Lenders use LTV to assess risk: higher LTV means more risk, which can mean higher rates and PMI requirements.
What is PMI and when can I cancel it?
PMI (Private Mortgage Insurance) is required on conventional loans when LTV exceeds 80% (less than 20% down). It typically costs 0.5–1.5% of the loan annually. Under federal law (HPA), you can request PMI cancellation when your LTV reaches 80%, and lenders must automatically cancel it at 78%.
Is a larger down payment always better?
Not necessarily. A larger down payment lowers your monthly payment and eliminates PMI, but it also reduces your liquid cash reserves and cash-on-cash return if investing. Many savvy investors put the minimum down and deploy remaining capital into additional properties.

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