Down Payment Calculator
Percent to amount or amount to percent, and what it means for your loan.
The common tiers
3.5% is the FHA minimum, 3 to 5% covers most conventional first-time programs, and 20% is the threshold where PMI disappears. VA and USDA loans go to 0% for those who qualify. On a $350,000 home the spread is real money: $12,250 at 3.5% versus $70,000 at 20%.
What PMI actually costs
Private mortgage insurance protects the lender, not you, and runs roughly 0.5 to 1.5% of the loan per year depending on credit and how far below 20% you are. It drops off automatically at 78% loan-to-value and can be removed at 80% on request. Sometimes paying PMI for a few years beats waiting a decade to save 20% while prices rise; the point of knowing the number is to make that a decision instead of a surprise.
Down payment is not the only cash
Closing costs add 2 to 5% of the price on top, and lenders like seeing reserves after closing. Budget the down payment plus closing plus an emergency cushion; draining every account to hit 20% is usually worse than 15% with savings intact.