Down Payment Calculator
| Amount | % of Price | |
|---|---|---|
| Down Payment | ₹0 | 0% |
| Loan Amount | ₹0 | 0% |
| Home Price | ₹0 | 100% |
| Loan Amount | ₹0 |
| Total Interest Over Term | ₹0 |
| Total of All Payments | ₹0 |
| Monthly Payment (P&I) | ₹0 |
| Year | Principal Paid | Interest Paid | Year-End Balance |
|---|
What Is a Down Payment Calculator?
A Down Payment Calculator shows how the amount you put down on a home affects your loan size, monthly mortgage payment, and whether you'll need to pay private mortgage insurance (PMI).
How to Use This Calculator
- Home Price — the total purchase price of the property.
- Down Payment — the percentage of the home price you plan to pay upfront.
- Loan Term — the number of years over which you'll repay the mortgage.
- Interest Rate — the annual interest rate on the mortgage.
If your down payment is below 20% of the home price, lenders on conventional loans typically require PMI until you build enough equity. This calculator flags that automatically and estimates the added monthly cost.
Frequently Asked Questions
How much should I put down on a home?
It depends on your loan program, but putting down 20% of the home price typically avoids private mortgage insurance and lowers your monthly payment.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is usually required on conventional loans when the down payment is less than 20% of the home price, protecting the lender if you default.
Does a bigger down payment always lower my monthly payment?
Yes, a larger down payment reduces the loan amount, which lowers both the monthly principal and interest payment and the total interest paid over the loan term.
Is this down payment calculator free to use?
Yes, this calculator is completely free, requires no sign-up, and can be used as many times as you need.