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Mortgage Down Payment Calculator

Your down payment is a critical piece in the homebuying process and will help determine how much house you can afford.

Published February 20, 2023

How does my down payment impact my mortgage?

Estimate the impact of your down payment using this simple calculator. Paying 20% of the total purchase price upfront ("20% down") may help you avoid private mortgage insurance (PMI).

Use the percentage slider or enter a specific dollar amount above. While most mortgages require at least 3% down, Physicians and Dentists may be able to avoid PMI with as little as 0% down.
Estimated Home price
Estimated Interest Rate
Estimated Fixed-Rate Loan Term
Down Payment Amount
Down Payment Percentage (%)*

Your Estimated Mortgage Results

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    Monthly Payment
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    Total Loan Amount
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    Total Interest Paid

*20% down can help you avoid private mortgage insurance (PMI).

Are you a doctor? You may be able to avoid PMI with 0% down.

This calculator is for illustrative purposes only and does not include any taxes, fees, or private mortgage insurance.

How much down payment is required for a house?

Ideally, you will have saved enough money to make a 20% down payment on a home you’d like to purchase. With a 20% down payment, you can typically avoid paying for private mortgage insurance, known as PMI. With a down payment less than 20%, you’ll likely need to make monthly PMI payments until you’ve accumulated 20% equity in your house.

However, if you don’t have 20% saved up, don’t fret – you may be eligible for a mortgage with less than a 20% down payment. And if you’re a physician or dentist, you may be eligible for a physician mortgage that doesn’t require PMI even with less than a 20% down payment.

Other expenses involved when buying a house

There are many other expenses involved in buying a house in addition to a down payment, including closing costs, insurance, taxes, and other costs involved with homeownership. Determine what you can handle before you start looking. Coming up with a house budget and sticking with it will make your life much easier in the short and long term. The more organized you are, the smoother the homebuying process will be.

To learn more about mortgages from Laurel Road, go to laurelroad.com/mortgage.

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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, legal, financial, or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculators do not include the fees and restrictions that certain products may have. This calculator does not indicate whether you would qualify for a Laurel Road loan. Please visit the applicable banking product pages on laurelroad.com for specific terms and conditions.

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