Down Payment Calculator Estimate minimum down payments for homes and cars — with PMI/MIP impact, interest savings, and af...
Down Payment Calculator
Estimate minimum down payments for homes and cars — with PMI/MIP impact, interest savings, and affordability trade-offs.
Home Down Payment
Auto Down Payment
PMI/MIP Eliminator
Affordability Optimizer
$0
Minimum Down
$0
Monthly Savings
$0
Interest Saved
$0
PMI/MIP Cost
Down Payment Impact
Down Payment Rules by Loan Type
Conventional**:
- Minimum: **3%** (Fannie Mae HomeReady), **5%** (standard)
- PMI required if <20% down — drops automatically at **78% LTV** (22% equity)
- Better rates at 10%+, best at 20%+
FHA**:
- **3.5%** down (580+ credit), **10%** down (500–579 credit)
- **1.75% upfront MIP** + **0.55–0.85% annual MIP**
- MIP for life if ≤10% down + closed after June 2013
VA/USDA**:
- **$0 down** for eligible borrowers (veterans, rural residents)
- VA funding fee: 1.25–3.3% (waivable for disabled)
- USDA guarantee fee: 1% upfront + 0.35% annual
Down Payment Red Flags
⚠️ Avoid these dangerous moves:
- 0% down on conventional loans** — doesn’t exist (scam or MIP hidden in rate)
- Using retirement funds without penalty analysis** — 10% early withdrawal + income tax
- Draining emergency fund** — keep 3–6 mo expenses *after* down payment
- “Seller assistance” masking true cost** — $10K credit may mean $15K over market
✅ Pro Tips**:
- **80-10-10 piggyback loan**: 10% down + 10% 2nd mortgage → avoid PMI
- **FHFA Duty to Serve**: Some lenders offer 3% down to low-income buyers in underserved areas
- **VA IRRRL**: Refinance later to drop funding fee impact
2025 Down Payment Benchmarks
| Scenario | Down | Down $ | Payment | 5-Yr Cost |
|---|---|---|---|---|
| $350K FHA (3.5%) | 3.5% | $12,250 | $2,420/mo | $145,200 |
| $350K Conv (5%) | 5% | $17,500 | $2,380/mo* | $142,800 |
| $350K Conv (20%) | 20% | $70,000 | $1,890/mo | $113,400 |
*+ $150 PMI; drops at 20% equity
📉 Auto Down Payment Guidance**:
- New**: 10–20% (avoid negative equity)
- Used**: 15–30% (used cars depreciate faster)
- Luxury/SUV**: 20%+ (high depreciation + high interest risk)
How to Use This Calculator
➡️ Home Down Payment
“What’s the minimum for a $350K home with 620 credit?” — get FHA/conventional/VA options.
➡️ Auto Down Payment
“$35K used car — how much down to avoid being upside-down?”
➡️ PMI/MIP Eliminator
“I put 10% down — how much more to drop insurance?”
➡️ Affordability Optimizer
“I have $50K savings — should I put 5%, 10%, or 20% down?” (balance liquidity vs. savings)
Note: Uses 2025 FHFA, FHA, VA, and dealer lending standards. PMI = 0.3–1.5%, MIP = 0.55–0.85%.