Down Payment Calculator
Turn a home price and a percentage into the actual cash: the down payment, the loan it leaves, estimated closing costs, and the total you need at the table.
Percentages are abstract; cash is not
"Twenty percent down" sounds tidy until it becomes $75,000 in a specific currency — plus closing costs nobody budgeted for. This calculator converts the percentage into the full cash picture: down payment, the loan that remains, a closing-cost estimate, and the total due at the closing table.
Down payment = price × percentage · Loan = price − down payment · Cash needed = down payment + closing costs
Example: 20% down on a $375,000 home is $75,000, leaving a $300,000 loan. Add closing costs at 3% ($11,250) and the cash needed at closing is $86,250 — the number to have in the bank, not just the $75,000.
The 20% threshold, and what sits below it
Twenty percent is the conventional line because below it, lenders add private mortgage insurance. But cash hoarded for a bigger down payment is cash not held for repairs, moving and the emergencies of the first year. The percentage is a dial with costs on both sides, and this page prices the dial honestly.
How this is calculated
Straight arithmetic on your inputs: down payment = price × percentage; closing costs = price × your closing percentage (2–5% is the usual range — lender fees, title, appraisal, prepaid taxes and insurance). No lender-specific fees are invented; if your lender has given you a Loan Estimate, replace the closing percentage with its actual total for an exact figure.
Frequently asked questions
What do closing costs actually include?
Lender origination and processing, appraisal, title search and insurance, recording fees, and prepaids — the first slices of property tax and insurance escrow. On a typical purchase they run 2–5% of the price.
Is 20% down always the right target?
It removes PMI and lowers the payment, but it is not automatically right: emptying your reserves to reach it trades a small monthly saving for real fragility. Many buyers rationally choose 10–15% and keep cash.
Can the seller or lender pay my closing costs?
Seller concessions and lender credits exist — a lender credit trades a slightly higher rate for cash at closing. The cash need falls; the long-run cost usually rises a little.
Does the down payment include earnest money?
Yes — the earnest deposit you paid when the contract was signed is credited toward the down payment at closing. It is part of this figure, not on top of it.
Embed this calculator
Writing about money — a blog, a school page, a community site? Put this calculator on your page, free: copy the code below and paste it where you want the calculator to appear. It stays up to date automatically — the small credit line underneath is all we ask in return.
CalcPrincipal