Free Down Payment Calculator
Down payment amount and PMI implications from home price and percent.
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Down payment
$80,000.00
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Short answer
Down payment equals home price times down-payment percent. Below 20% typically triggers PMI, roughly 0.5–1% of the loan annually.
What is the Down Payment Calculator?
The cash paid up front to purchase a home, plus the PMI cost implied by dropping below 20%.
How does the Down Payment Calculator work?
Multiply home price by percent for the down payment. If percent is under 20, estimate PMI as the loan times the annual rate divided by 12.
Formula
Variables
pctDown-payment percentagepmi%Annual PMI rate (typically 0.3–1.5%)
Explanation
PMI drops off once the loan-to-value ratio reaches 78% (or on request at 80%).
Examples
Example 1: $400k home, 20% down
$80,000 down, $320,000 loan, no PMI.
Applications
- Homebuying prep
- PMI cost/benefit analysis
- FHA vs conventional comparison
Advantages
- Shows the PMI cliff at 20%
- Configurable PMI rate
Limitations
- PMI rate varies with credit and lender — actual quotes required
Common mistakes
- Assuming 20% is required to buy — many programs allow 3–5%
Tips
- A borderline 15% vs 20% decision often loses money to PMI over 3–5 years
Related concepts
The Down Payment Calculator sits inside the Finance Calculators hub, in the mortgages & home loans cluster. Buying, financing and refinancing property. Understanding the terms below makes the output easier to interpret and easier to compare against neighbouring measures.
Practical use cases and industry applications
Understanding Down Payment
The cash paid up front to purchase a home, plus the PMI cost implied by dropping below 20%. Within finance calculators, down payment belongs to the mortgages & home loans cluster, where it shares terminology and assumptions with closely related tools.
Learning how down payment is calculated
PMI drops off once the loan-to-value ratio reaches 78% (or on request at 80%). Working through the variables one at a time — pct, pmi% — makes the result reproducible by hand and easier to sanity-check.
Using down payment to make a decision
Homebuying prep PMI cost/benefit analysis FHA vs conventional comparison Because outputs depend on the assumptions you enter, run more than one scenario before committing to a figure.
How down payment compares with related measures
loan-to-value, escrow, PMI, amortisation schedule all describe adjacent aspects of mortgages & home loans. Comparing this calculator's output against those measures — using the related tools listed on this page — prevents a single metric from being read in isolation.
Frequently asked questions
Can PMI be removed later?
Yes. You can request removal at 80% loan-to-value; it auto-cancels at 78%.
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