Down Payment Calculator - Free Online Calculator | WikEst
Calculate down payment, loan amount, LTV, monthly P&I, and PMI impact. No signup. Updated 2026.
Purchase Details
3% min (conventional), 3.5% (FHA), 0% (VA/USDA)
Loan Terms
Your Down Payment Plan
PMI Status & 20% Target
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PMI estimate uses typical rate bands (0.3%–1.5% of loan annually by LTV/credit). Actual rate set by your lender; reaching 20% down removes PMI on conventional loans.
Understanding Your Down Payment in 2026
Your down payment sets your loan size, your LTV, your interest cost, and whether you pay PMI. This calculator shows all four at once so you can see exactly how a larger or smaller down payment changes your monthly payment.
The LTV Math
A 10% down payment on a $350,000 home leaves a $315,000 loan (90% LTV) and triggers PMI. A 20% down payment leaves a $280,000 loan (80% LTV) and avoids PMI entirely.
Down Payment Trade-offs
Down Payment Calculator: A 2026 Buyer's Guide
The down payment is the first big lever in any home purchase. This 2026 down payment calculator turns a home price and a down-payment percentage into a loan amount, LTV, monthly principal-and-interest, and a PMI estimate — and tells you how close you are to the 20% line that removes PMI.
Should you wait to save 20%?
Not always. A 5% or 10% down payment lets you buy now and build equity as prices rise, and PMI eventually cancels at 78-80% LTV. But the PMI adds to your payment, and a larger down payment lowers both your loan and your rate. Use this calculator to compare scenarios, then fold the result into the mortgage payment calculator for the full PITI picture including taxes and insurance.
Don't forget closing costs and reserves
Your down payment is separate from closing costs (typically 2%-5% of the price) and any lender reserves. Make sure your available cash covers both. The closing cost estimator models those one-time costs so you are not surprised at the title company. Note that your down payment does not change your property tax — that is based on the home's value, which you can estimate with the property tax calculator.
Compliance note
Minimum down-payment percentages (3% conventional, 3.5% FHA, 0% VA/USDA for eligible borrowers) reflect standard loan-program guidelines. PMI rate bands cited (0.3%–1.5% of loan annually) are typical industry ranges, not a quote. This page was last reviewed on August 4, 2026; confirm exact terms with your lender.
Frequently Asked Questions
How is loan-to-value (LTV) calculated?
LTV = (Loan Amount ÷ Home Price) × 100. If you buy a $350,000 home with a $35,000 (10%) down payment, your loan is $315,000 and your LTV is 90%. LTV is the single number lenders use to decide whether you need PMI and what rate you get.
Why is 20% down the magic number?
On a conventional loan, a 20% down payment brings your LTV to 80% or below, which is where most lenders drop the requirement for Private Mortgage Insurance (PMI). Below 20% down, PMI adds to your monthly payment until you reach 78-80% LTV. FHA and VA loans have different (often lower) minimums and their own insurance rules.
What is the minimum down payment?
Conventional loans can go as low as 3% for qualified buyers; FHA allows 3.5%; VA and USDA can be 0% for eligible borrowers. A smaller down payment means a larger loan, higher LTV, likely PMI, and more interest paid over time — but it lets you buy sooner.
How much more do I need to avoid PMI?
This calculator shows the dollar gap between your planned down payment and the 20% threshold. Reaching 20% eliminates PMI on a conventional loan, which can save $100-$300+ per month depending on loan size and credit.
Does a bigger down payment lower my monthly payment?
Yes, in two ways: a smaller loan means lower principal-and-interest, and crossing the 20% line removes PMI. It also reduces total interest paid over the life of the loan. The trade-off is more cash tied up at closing and the opportunity cost of that cash.
Is this down payment calculator free?
Yes — 100% free, no signup, no email, no account. The estimate runs entirely in your browser and your figures never leave your device.
Disclaimer
This calculator provides estimates for educational purposes only. PMI, rates, and loan terms vary by lender, credit profile, and program, and change over time. It does not constitute a loan offer or financial advice. Consult a licensed mortgage professional before making decisions. WikEst is not a lender, broker, or advisor.
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