House down payment calculator: how much, how fast
On a $300,000 home, 20% down is $60,000 and avoids PMI; 10% is $30,000 with about $135–$169 a month of PMI. Saving the 20% in 24 months takes $2,500 a month. Move the sliders: the price, the percent, and the timeline are all yours.
Down-payment savings planner · PMI comparison · free, always
$300,000 home, 20% down, 24 months =
$2,500 / month to save
$60,000 down · no PMI · closing costs $6,000–$15,000 on top.
down payment only · before closing costs
Your home, your timeline
| Down payment | Cash needed | Loan | PMI/mo (est.) |
|---|---|---|---|
| 3.5% (FHA) | $10,500 | $289,500 | ~$181 |
| 5% | $15,000 | $285,000 | ~$178 |
| 10% | $30,000 | $270,000 | ~$169 |
| 20% | $60,000 | $240,000 | $0 |
20% avoids PMI, but it is not required
The typical 2026 buyer puts down about 15% (~$64,000 on a median-priced home), not 20%. PMI at 0.5–1% of the loan per year is real money ($135–$169 a month on the loans above), but it falls off at 20% equity, and waiting three extra years to save the full 20% while prices rise 4% a year can cost more than the PMI ever would. The tradeoff is time vs monthly cost, and the calculator above prices both sides.
FHA 3.5% vs conventional
FHA's 3.5% minimum opens the door fastest ($10,500 here) but carries mortgage insurance for the life of the loan unless you refinance, plus stricter property standards. Conventional 5% costs more up front and the PMI drops off. Neither is universally better; the right one is the one whose total cost over your planned stay is lower, which is a function of how long you keep the loan.
The forgotten half: closing costs
The down payment is not the check you write. Closing costs run 2–5% of the price ($6,000–$15,000 on $300,000), plus a moving and repair buffer. A buyer who saves exactly $60,000 arrives at closing $6,000–$15,000 short. Save the down payment plus 5% of the price, and the closing table holds no surprises.
Estimates, not financial or mortgage advice. PMI rates, loan terms, and prices vary. Talk to a licensed mortgage professional.
Common questions
How much down payment do I need for a house?
3.5% minimum with FHA, 5%+ conventional, 20% to avoid PMI. On $300,000: $10,500 / $15,000 / $60,000. The typical buyer lands near 15%.
Is 20% down required?
No. It avoids PMI and lowers the payment, but waiting years to save it while prices rise can cost more than the PMI would.
How much is PMI?
Roughly 0.5–1% of the loan per year: about $135–$169 a month on the loans above. Conventional PMI drops at 20% equity.
What are closing costs?
2–5% of the price ($6,000–$15,000 on $300,000), due at closing on top of the down payment, plus a moving/repair buffer.
Next from the ledger
The $10,000 savings challenge: a year-long plan that builds the habit
Emergency fund calculator: the fund to build before the house
Rent vs buy calculator: whether buying wins on your timeline