15% down on $400,000
Down payment amount, loan amount, and estimated monthly payment for a $400,000 home at 15% down.
Estimated monthly payment assumes a 6.5% rate over a 30-year term. Different price or percentage? Use the full down payment calculator above.
About this down payment calculator
Your down payment is the portion of a home's purchase price you pay upfront in cash, with the remainder financed through a mortgage. This calculator takes your home price and a down payment percentage and converts it into a concrete dollar figure, then shows the resulting loan amount and an estimated monthly mortgage payment so you can see how your down payment choice ripples through the rest of the numbers.
The percentage you put down has an outsized effect on the loan itself. A larger down payment shrinks the amount you finance directly, which lowers your monthly payment and the total interest you'll pay over the life of the loan. It can also affect the interest rate and loan program you qualify for — many lenders offer better pricing to borrowers with more equity in the home from day one, since a larger down payment represents lower risk.
20% down is the traditional benchmark in the US mortgage market because it's the threshold at which conventional lenders no longer require private mortgage insurance (PMI) — an added monthly cost that protects the lender, not the borrower, when the down payment is smaller. That said, 20% is not a strict requirement: many buyers, especially first-time buyers, put down far less through conventional loans with PMI, FHA loans, VA loans, or other programs, trading a higher monthly cost or added insurance for getting into a home sooner.
There's a real tradeoff to think through. Saving longer for a bigger down payment reduces your monthly payment and total interest, but it delays homeownership and ties up more cash that could otherwise sit in savings, investments, or an emergency fund. A smaller down payment gets you into a home faster and preserves liquidity, at the cost of a higher payment, PMI in many cases, and less initial equity cushion if home values dip.
This calculator is an estimate for informational purposes only. The estimated monthly payment shown uses a representative interest rate and 30-year term for illustration, and does not include property taxes, homeowners insurance, PMI, or HOA dues — all of which add to your real monthly housing cost. Actual rates, loan programs, and approval depend on your credit profile, income, and lender, so use this tool to understand the tradeoffs, not as a final loan quote.
Down payment calculator questions
How down payments and loan amounts work.
How is my down payment amount calculated?
This calculator multiplies your home price by the down payment percentage you choose to get a dollar amount, then subtracts that from the home price to find your resulting loan amount.
Why is 20% down considered the standard?
20% is the threshold at which most conventional lenders no longer require private mortgage insurance (PMI), an added monthly cost for borrowers with smaller down payments. It's a common benchmark, but not a strict requirement — many buyers put down less.
Can I buy a home with less than 20% down?
Yes. Conventional loans often allow down payments as low as 3-5% with PMI, and programs like FHA loans (as low as 3.5% down) or VA loans (as low as 0% down for eligible veterans) offer other paths to homeownership with smaller upfront cash.
What is the estimated monthly payment based on?
It uses a representative interest rate and a 30-year term applied to your resulting loan amount, so you can see roughly how your down payment choice affects your monthly payment. Your real rate will depend on your credit profile, loan program, and lender.
Does a bigger down payment always save money overall?
In terms of total interest paid, yes — a bigger down payment means a smaller loan and less interest over time. But it also means tying up more cash upfront, which has its own opportunity cost if that money could otherwise go toward savings, investments, or emergencies.
Does this calculator include closing costs?
No. Down payment and closing costs are separate expenses. Closing costs (typically 2-5% of the loan amount) cover things like lender fees, title insurance, and appraisals, and are paid in addition to your down payment at closing.
How much should I save for a down payment?
It depends on your target home price, loan program, and how quickly you want to buy. Use this calculator with a few different percentages to see the dollar amount and monthly payment tradeoff for each, then match it against your savings timeline.
Is the monthly payment shown here exactly what I'd pay?
No — it's an estimate for informational purposes only. It doesn't include property taxes, homeowners insurance, PMI, or HOA dues, all of which typically add to your real monthly housing payment. Get a full loan estimate from a lender for exact figures.