Down Payment Calculator | Estimate Your Down Payment

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Mortgage and Down Payment Calculator

How does your down payment affect your mortgage insurance costs and the cost of your mortgage over time? Input your information and use our free Mortgage and Down Payment Calculator to get an estimate.

All fields are required.

Purchase Price

Smaller Down Payment

Larger Down Payment

Interest Rate

PROPERTY TAX (YEARLY)

HOME INSURANCE (YEARLY)

*Calculator assumes you are buying a home with a conventional loan with a loan term of 30 years and will own the home for 7 years. Calculations are based on estimated closing costs and homeowner's insurance. This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

Based on the values you entered, the smaller down payment will cost an estimated
$0* over 7 years.

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What Is a Home Down Payment?

A down payment is an upfront payment you make when you buy a home. Your down payment is a portion of the house's purchase price and lowers the amount of money you'll borrow with your mortgage. You'll generally make the down payment directly to the seller when you close on the home.

Some loans have a minimum down payment you'll need to make. Conventional loans typically require you to make a minimum down payment of 5% of the purchase price. FHA loans can require a minimum down payment of 3.5% of the purchase price. You may be able to buy a home without a down payment if you qualify for a VA or USDA loan.

Many homebuyers make more than the minimum down payment. Larger down payments can help you save money on interest, because you are borrowing less money.

A larger down payment might also help you pay less for private mortgage insurance (PMI) over the life of the loan when you buy a house with a Conventional loan.

How to Use a Down Payment Calculator

To use our down payment calculator, you'll need to know your:

Total purchase price for the home
Two down payment amounts
Annual property taxes on the home
Annual homeowners insurance cost
Estimated interest rate

Enter your information into the down payment calculator fields above and see how different down payment amounts can affect the cost of your mortgage over seven years.

Generally speaking, a larger down payment can help you save money on interest and may help you lower the total cost of private mortgage insurance payments when you buy a home using a Conventional loan.

Making a large down payment might also help you get a lower interest rate, because your lender might see your loan as less risky.

Your down payment does not affect the cost of your property taxes or homeowners insurance premiums. Our calculator includes these costs, because they're typically included in your monthly mortgage payment.

Down Payment Requirements by Loan Types

Conventional loans	Conventional loans typically require at least 5% of the purchase price as a down payment.
VA loans	VA loans often require no down payment.
FHA loans	FHA loans often require 3.5% of the purchase price as a down payment.
USDA loans	USDA loans often require no down payment.

Benefits of Using a Mortgage Down Payment Calculator

Using a mortgage down payment calculator can help you estimate how your down payment might affect the total cost of your mortgage.

The calculator can also help you estimate how much your monthly payment might be. You'll typically pay less per month when you make a larger down payment, because larger down payments can reduce your interest costs, as well as the cost of private mortgage insurance.

Use the calculator to help you plan your homebuying budget. Then, take it a step further by getting prequalified for a home loan.