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Planning to buy a home? SoFi’s mortgage down payment calculator helps you estimate how much cash you may need upfront and how your down payment affects your loan amount.
Adjust the purchase price and down payment percentage to see your estimated down payment amount and mortgage amount so you can plan your home-buying budget with confidence.
Key Points
• A mortgage down payment calculator helps estimate how much cash you may need upfront when buying a home.
• Down payments are calculated as a percentage of the home’s purchase price and vary by loan type.
• Many buyers put down less than 20%, and the average down payment on a house is often lower for first-time buyers.
• Some mortgage programs allow smaller down payments or even no down payment for eligible borrowers.
• A larger down payment can reduce your loan amount, monthly payment, and the need for private mortgage insurance (PMI).
• Closing costs are separate from the down payment and should be factored into your home-buying budget.
• Using a house down payment calculator lets you compare scenarios and plan your savings more effectively.
Calculator Definitions
• Property price: The total purchase price of the home
• Down payment percentage: The portion of the home price you plan to pay upfront
• Down payment amount: The dollar amount needed based on your selected percentage
• Mortgage amount: The portion of the home price that would be financed through a mortgage after the down payment
How to Calculate Your Down Payment
A down payment is typically calculated as a percentage of the home’s purchase price. For example, a 10% down payment on a $300,000 home would equal $30,000.
While many buyers assume 20% is required, your down payment can be lower. Minimum requirements vary by loan type, lender, and borrower qualifications. Using a down payment calculator can help you compare different scenarios quickly.
Common Mortgage Terms
Understanding a few key mortgage terms can make down payment planning easier:
• Principal: The amount you are borrowing with a home loan
• Interest rate: The cost of borrowing money, expressed as a percentage
• Down payment: The upfront portion of the home’s purchase price you pay in cash
• Private mortgage insurance (PMI): Insurance often required when putting down less than 20%
• Loan-to-value (LTV) ratio: The percentage of the home’s value that is financed through the mortgage
• Closing costs: Fees paid at closing, separate from the down payment, typically totaling 2% to 5% of the loan amount
Tips to Save for Your Down Payment
Saving for a down payment can take time, but there are ways to make it more manageable:
• Set a monthly savings target based on your timeline.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
What Affects Your Down Payment?
A number of different factors can affect the amount you’ll want to spend on your down payment. Understand them all before you begin the process of exploring lenders.
Loan Types and Minimums
Minimum down payment requirements vary by mortgage type:
• Conventional loans: These mortgages often allow down payments as low as 3% to 5% for qualified buyers.
• FHA loans: Loans backed by the Federal Housing Administration may allow down payments as low as 3.5%.
• VA loans: Loans backed by the U.S. Department of Veterans Affairs may require no down payment for eligible borrowers.
• USDA loans: U.S. Department of Agriculture loans offer 0% down for qualifying rural properties.
• Jumbo loans: Loans for higher-priced properties often require at least 10% down.
Each loan type comes with unique eligibility rules and trade-offs.
PMI and Closing Costs
Putting less than 20% down on a conventional loan often triggers a need for private mortgage insurance (PMI), which lenders require on some loans to offset the added risk of a smaller down payment. PMI costs vary but typically range from 0.1% to 2% of the loan amount annually. FHA loans have a similar charge called a mortgage insurance premium (MIP).
In addition to your down payment, you’ll need to budget for closing costs, which may include an appraisal fee, title service, property taxes, and insurance premiums.
The Takeaway
The home-buying process can be complicated. But there are loan options and strategies available that make homeownership possible even if you can’t put down 20% of the cost of a home purchase upfront. Running different scenarios in a mortgage down payment calculator can help you determine what you can afford and what feels right for your monthly budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
A down payment is calculated as a percentage of the home’s purchase price. A down payment calculator makes it easier to estimate the amount without manual calculations.
What is the average down payment on a house?
Average down payment amounts vary significantly by buyer type. According to the National Association of Realtors® 2025 Profile of Home Buyers and Sellers, first-time homebuyers typically put down 10%, while repeat buyers put down 23%. Across all buyers, the typical down payment is 24%.
How much should I put down on a house?
The right down payment amount for your home purchase depends on your finances, loan options, and goals. Many buyers successfully purchase a home with a small down payment.
How does a down payment affect monthly mortgage payments?
A larger down payment reduces the amount you borrow to purchase a home, which can lower monthly payments and total interest over time. It may also eliminate the need for private mortgage insurance (PMI).
Can I buy a house with no down payment?
Yes, some buyers qualify for zero-down-payment home loan options. Qualified buyers can buy a house with no money down through some government loan programs, for example..
What’s the difference between a down payment and closing costs?
A down payment goes toward the home’s purchase price, while closing costs cover fees required to complete the purchase transaction. Closing costs are paid separately and are not included in the down payment.
Can first-time homebuyers use a lower down payment?
Many first-time homebuyers qualify for loans with lower minimum down payments, such as 3%, 3.5% or even in some cases 0%. Which loan you may qualify for depends on your credit score, income, and loan program requirements.
Can a down payment be gifted or come from a loan?
Some loan programs allow gifted funds or assistance, but lenders typically require documentation to verify the source of funds.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
