Home Down Payment Calculator

When you are looking to purchase a home, you will have to grapple with a range of down payment options. This calculator allows you to compare as many as five options to help you identify the choice that suits you best. By using this calculator, you will be able to see how various down payment percentages will impact your mortgage repayments and savings.

Using the calculator

Enter the appropriate values in the fields presented below to calculate your results. If some result boxes remain empty, this means that certain down payment percentages are unavailable to you according to the savings and home price you have input into the calculator.

Home Down Payment Calculator


Explaining down payments

A down payment is typically a percentage of a house's purchase price. To buy a house, you must pay a down payment. This payment will not form part of your home loan and must be paid upfront in cash for a home loan to be obtained. The down payment amount is then subtracted from your mortgage and represents the equity you hold (or ownership stake) in a property. Imagine that you are purchasing a house for $200,000. A 20% down payment on this property will come to $40,000, while a 5% down payment will be just $10,000.

When you are deciding on how large your down payment should be, you must consider a range of factors. A down payment is directly correlated to the amount owed on our home loan and the corresponding interest on that loan. Moreover, lenders can require borrowers who pay a down payment of under 20% to pay for PMI, or private mortgage insurance, which is designed to protect the lender if the borrower defaults on their home loan. Nonetheless, you may determine that you are better served by keeping more in your savings account to cover emergencies rather than forking out for a higher down payment.

Our calculator will clearly illustrate the impact that differing down payment amounts will have on your home loan. By showing you five different down payment percentage options, you will be able to directly compare monthly mortgage repayment amounts, total loan amounts, total interest, and PMI payments to help you make the best choice for you.

You may also be interested in our Home Equity Line of Credit Calculator or Mortgage Overpayment Calculator


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