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
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.
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.
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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.