Down Payment Calculator
Find out how much you need to save and how long it will take.
| Down Payment | Amount Needed | Still Need | Time to Save | Avoids PMI |
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Savings Progress
Frequently Asked Questions
How much down payment do I need to avoid PMI?▼
You need at least 20% down to avoid private mortgage insurance (PMI). PMI protects the lender if you default and typically costs 0.5–1.5% of the loan per year — $100–300/month on a $300K loan. Once you reach 20% equity, you can request PMI cancellation.
What is the minimum down payment for a home?▼
Conventional loans require as little as 3% down (Fannie Mae HomeReady/HomePossible). FHA loans require 3.5% (credit score 580+) or 10% (credit score 500–579). VA loans (veterans) and USDA loans (rural areas) can have 0% down.
Should I put 20% down or invest the difference?▼
Putting less than 20% down and investing the difference can outperform in bull markets, but comes with PMI costs and higher mortgage payments. The right answer depends on your risk tolerance, investment returns, mortgage rate, and how long you plan to stay.
Where should I save my down payment?▼
High-yield savings accounts (HYSA) currently pay 4–5% APY and are FDIC insured — ideal for a 1–3 year timeline. For 3–5 year timelines, I-bonds or short-term CDs are options. Avoid stocks for money you need within 3 years due to volatility.