Mortgages / Down Payment Calculator
Down Payment Calculator
A down payment is the upfront cost when buying a house, typically 3%-20% of the home's total cost. Estimate your down payment with Zillow.
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*Disclaimer: The down payment calculator is intended to be used for illustrative and educational purposes only. Please consult with qualified mortgage professional for personalized guidance.
How do I calculate down payment?
Down Payment = Home Price x Down Payment Percentage
For example, for a $300,000 home with a 20% down payment, your down payment would be $60,000.
How much should I put down on a house?
The recommended down payment amount varies depending on your financial situation, loan type, and personal goals. Conventional loans typically require 3% to 10%, while FHA loans may allow for as little as 3.5%.
Why is a 20% down payment often recommended?
A 20% down payment is often recommended, because it allows the borrower to avoid paying PMI — a type of insurance that protects the lender if you default on the loan. A higher down payment can also lower your monthly mortgage payment, reduce the amount of interest paid over time, and potentially improve your chances of loan approval. However, 20% is not a required amount.
What is the minimum down payment for a home?
The minimum amount required for a down payment on a home depends on the type of home you’re buying and the loan you're using to make the purchase. Government-backed loans may offer 0% down, while conventional loans typically require 3-5%. Down payments of 3% are more common among first-time homebuyers or credit-worthy, low-income borrowers who qualify for mortgage programs like HomeReady and HomePossible. All other borrowers typically must make at least 5% down payment on a conventional loan.*
The table below shows minimum down payment amounts for each major loan type when purchasing a primary residence, secondary home or investment property. Keep in mind that minimum down payment requirements can vary depending on location, lender, loan type, credit history and more.
| Primary home | Second home | Investment property | |
|---|---|---|---|
| Conventional loan | 3-5%* | 10% | 20% |
| Jumbo loan | 20% | 25% | 25% |
| FHA loan | 3.5% | FHA loans can't be used on second homes | FHA loans can't be used on investment properties |
| VA loan | 0% | VA loans can't be used on second homes | FHA loans can't be used on investment properties |
| USDA loan | 0% | USDA loans can't be used on second homes | USDA loans can't be used on investment properties |
Frequently asked questions about down payments
- Can I buy a home with no down payment?
Yes, certain loan programs, like VA loans (for veterans and active military members) and USDA loans (for rural properties), may offer options for a zero-down payment. However, qualifying for these loans may require meeting specific eligibility requirements. You can confirm your eligibility with the Department of Veterans Affairs or the United States Department of Agriculture and by consulting a lender that specializes in these loans.
- What’s the difference between closing costs and a down payment?
The down payment is a portion of the home’s purchase price that a buyer pays upfront, typically ranging from 3-20%. Closing costs are fees to finalize the purchase and are separate from the down payment. While both are paid at closing, a down payment will give you immediate equity in the home — closing costs will not.
- How does my credit score affect my down payment?
Your credit score can influence the minimum down payment required for certain loans and impact your interest rate. For example, FHA loans allow for a down payment as low as 3.5% with a minimum credit score between 500 and 580. Conventional loans typically have stricter requirements (with a minimum credit score between 620 to 660) and may offer better rates with higher credit scores. A better credit score can reduce borrowing costs even if your down payment remains the same.
- Can I use gifted money for my down payment?
Yes, gifted money can be used for a down payment, but there are specific guidelines and rules depending on the type of loan you’re applying for. Lenders generally require a gift letter from the person who provided the funds, stating that the money is a gift and does not need to be repaid. Be sure to check with your lender to understand the rules and documentation needed for your situation.
- How does my down payment affect my monthly mortgage payment?
A higher down payment reduces the loan amount you need to borrow, and typically reduces the interest rate, which means lower monthly payments. Additionally, putting down 20% or more can help you avoid PMI, which further reduces monthly costs.
- What’s the difference between earnest money and a down payment?
Earnest money is a deposit made to show your commitment to buying a home. It is typically 1-3% of the purchase price and is held in escrow until closing. The down payment, on the other hand, is a larger sum that goes directly toward the home’s purchase price at closing. If the sale goes through, earnest money is usually applied to your down payment. Learn more about the differences.
- What is a down payment assistance program, and do I qualify?
Down payment assistance programs provide financial help for qualifying buyers, often first-time homebuyers or those with moderate incomes. Assistance can come in the form of grants, forgivable loans, or deferred payment loans. You may qualify based on factors, such as income, location, and employment. Check with local and state programs or consult a lender to see what’s available.
On Zillow, you can check your down payment assistance eligibility and find down payment assistance information on Zillow’s home listings.. Make sure the program you hope to use is available for your loan criteria and the home you aspire to buy.
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