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Conventional loans require 3–20% down; less than 20% triggers private mortgage insurance (PMI), adding 0.5–1.5% annually to your cost. FHA requires 3.5% with a 580+ credit score. VA and USDA loans offer 0% down for eligible borrowers. A larger down payment lowers your monthly payment, eliminates PMI sooner, and reduces lifetime interest. Factor in closing costs (2–5% of loan).