How this down payment percentage calculator works
Down = price × %; loan = price − down. PMI estimation: 0.9% of original loan ÷ 12 per month for sub-20% conventional (roughly correct at mid-credit; 0.5% above 760 FICO, up to 1.5% below 660). The 'monthly required' output is the honest deadline test: (target − saved) ÷ months. A 20% down on $350,000 = $70,000, which at 18 months is $2,778/month — the number that makes 'wait two more years' a concrete plan instead of a feeling.
Frequently asked questions
Do I really need 20% down?
No — most first-time buyers put down 6–8%. But below 20% you pay Private Mortgage Insurance (typically 0.5–1.5% of the loan per year) until the balance drops under 80% LTV. The PMI line here quantifies that tax-on-your-loan.
What's the minimum down payment?
Conventional 3%, FHA 3.5%, VA & USDA 0% (eligibility applies). Between 3.5 and 20, PMI or MIP applies; some lenders offer lender-paid PMI in exchange for a higher rate — compare via the loan figure here.
Should closing costs be included in savings?
Yes — add 2–5% of price on top (appraisal, title, recording, prepaid escrows). The savings-plan column only covers the down payment itself; budget the extra separately before choosing your months-to-buy.