Down Payment Calculator
See the down payment a home price requires, the loan amount that leaves, and how long it takes to save the rest at your current pace.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
How the Price Splits
This covers the down payment only. Closing costs typically add 2 to 5 percent of the price on top. Estimate only.
Your down payment is the share of the price you pay up front, and the rest becomes your loan. A larger down payment lowers the loan, the monthly payment, and often the rate.
This tool also turns the goal into a timeline. Given what you have saved and how much you add each month, it shows when you will have enough for the target down payment.
These figures are estimates. For neutral, official guidance on mortgage costs and what lenders can charge, see the CFPB's Owning a Home guide.
How to Use This Calculator
- 1
Enter the home price you are targeting.
- 2
Set the down payment percent you plan to put down.
- 3
Enter what you have saved and how much you save monthly.
- 4
Review the amount still needed and the time to reach it.
The Formula & Assumptions
Down payment = price × percent
Loan amount = price − down payment
Still to save = down − saved
Months = still to save ÷ monthly
The down payment is a straight percentage of the purchase price, and the loan amount is whatever is left after that down payment.
The savings timeline divides the remaining amount by your monthly contribution, rounded up to the next whole month.
Remember closing costs. They usually run 2 to 5 percent of the price and are separate from the down payment, so budget for both.
Frequently Asked Questions
How much down payment do I really need?
It depends on the loan. Conventional loans can start at 3 percent, FHA at 3.5 percent, and VA and USDA at zero for eligible buyers. A larger down payment lowers your payment and can remove mortgage insurance, but it is not always required to buy.
Does a bigger down payment lower my rate?
Often, yes. More money down means a lower loan-to-value ratio, which lenders see as less risk, so it can earn a better rate and remove PMI. Run a few scenarios to see where the trade-off makes sense for you.
Are closing costs part of the down payment?
No. Closing costs are separate and usually add 2 to 5 percent of the price. Plan for both so you are not short at the closing table. The closing cost calculator can estimate that piece.
Can I use down payment assistance?
Many Florida buyers do. State and local programs offer grants and second loans that cover part or all of a down payment. Ask us which programs you might qualify for alongside your main loan.
Ready to Turn Your Estimate Into a Real Pre-Approval?
Get a personalized rate quote and pre-approval from a licensed Florida mortgage broker, no obligation.
Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.
It calculates how much cash you need at each down-payment level, what each one does to your payment, and where mortgage insurance starts and stops.
Down Payment Calculator in Florida
Florida buyers often underestimate the cash they need at closing, because the lender collects insurance up front. A full year of premium is commonly due at closing in addition to the down payment. Florida Housing down-payment assistance can cover part of the gap for eligible buyers, and Hometown Heroes reaches many essential workers.
How the Down Payment Calculator Works
The calculator converts a percentage into a dollar figure and back, then sizes the resulting loan. It layers in mortgage insurance where the program and the LTV call for it.
The Down Payment Formula, Explained
Down payment = purchase price × down payment percentage
Program minimums differ: 3% on some conventional loans, 3.5% on FHA, and zero on VA and USDA for eligible buyers. The minimum is rarely the cheapest option over time.
Twenty percent is the threshold that removes conventional mortgage insurance. Below it the premium forms part of the monthly cost, so compare it alongside the payment.
The Complete Down Payment Calculator Guide
The down payment decides three things at once: your loan size, your rate, and whether you pay mortgage insurance. That is why small changes near a threshold matter more than large ones elsewhere.
Going from 15% to 20% removes conventional mortgage insurance entirely. Going from 5% to 10% lowers the premium but does not remove it, so the extra cash buys less.
Keep reserves. Emptying savings to reach 20% leaves nothing for the first insurance renewal or a repair, and Florida delivers both sooner than most states.
Down Payment Calculator FAQ
Is 20% down required?
No. Conventional loans start at 3% and FHA at 3.5%, while VA and USDA allow zero down for eligible buyers. Twenty percent removes conventional mortgage insurance rather than unlocking the loan.
Can the down payment be a gift?
Usually yes, from a documented family source, with program-specific rules on sourcing and seasoning. Lenders will want a gift letter and a clear paper trail.