Harry Jensen

Down Fee Calculator | Down Fee Wanted for Dwelling



Down Fee Mortgage Calculator

Calculator developed by

Harry Jensen, Trusted Mortgage Professional with 45+ Years of Expertise

Use our Down Fee Calculator to find out the down fee required to purchase a house primarily based on the property buy worth and different elements. Our calculator additionally exhibits you the full upfront value required to purchase a house together with the cash you set down plus estimated closing prices. Use our calculator to grasp how totally different down funds have an effect on the mortgage required to purchase a house in addition to your housing prices.

Watch our Down Fee Calculator “How To” video


The amount of cash, as a proportion of the acquisition worth, you might be contributing to buy the property

Choose %0percent1percent2percent3percent3.5percent4percent5percent6percent7percent8percent9percent10percent11percent12percent13percent14percent15percent16percent17percent18percent19percent20percent25percent30percent35percent40percent45percent50percent55percent60percent65percent70percent75percent80%

Please Choose Down Fee

Inputted worth have to be between 10% and 100%

The present rate of interest for a 30 12 months fastened charge mortgage is roughly 3.500%

Choose Rate2.000percent2.125percent2.250percent2.375percent2.500percent2.625percent2.750percent2.875percent3.000percent3.125percent3.250percent3.375percent3.500percent3.625percent3.750percent3.875percent4.000percent4.125percent4.250percent4.375percent4.500percent4.625percent4.750percent4.875percent5.000percent5.125percent5.250percent5.375percent5.500percent5.625percent5.750percent5.875percent6.000percent6.125percent6.250percent6.375percent6.500percent6.625percent6.750percent6.875percent7.000percent7.125percent7.250percent7.375percent7.500percent7.625percent7.750percent7.875percent8.000percent8.125percent8.250percent8.375percent8.500percent8.625percent8.750percent8.875percent9.000percent9.125percent9.250percent9.375percent9.500percent9.625percent9.750percent9.875percent10.000percent10.125percent10.250percent10.375percent10.500percent10.625percent10.750percent10.875percent11.000percent11.125percent11.250percent11.375percent11.500percent11.625percent11.750percent11.875percent12.000percent12.125percent12.250percent12.375percent12.500percent12.625percent12.750percent12.875%

Please Choose Annual Curiosity Charge

The size, in years, of the mortgage. The commonest mortgage time period is 30 years

Choose Years10 years15 years20 years25 years30 years40 years50 years

Please Choose Mortgage Time period (Years)

The kind of mortgage your seeking to get hold of

Choose Mortgage TypePurchaseRefinance

Please Choose Mortgage Kind

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Please Enter a Legitimate Final Title


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Your credit score rating to one of the best of your information

Choose Credit score ScoreExcellent (740-850)Very Good (720-739)Good (700-719)Above Common (680-699)Common (660-679)Honest (640-659)Want Enchancment (620-639)Poor (350-620)

Please Choose Credit score Rating


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Represents an estimate solely. Closing prices range by lender and repair supplier

The output offered represents an estimate solely. Property tax and insurance coverage charges range by state, county and property

The output offered represents an estimate solely. Property tax and insurance coverage charges range by state, county and property

Please observe that on the time of closing, along with paying the non-recurring closing prices listed above, the borrower can be required to pay recurring closing prices resembling curiosity (from the day of closing till the tip of the month), pro-rated property taxes, householders insurance coverage, householders affiliation charges (if relevant), non-public mortgage insurance coverage (PMI) (if relevant), mortgage insurance coverage premium (MIP) (if relevant) and impounds
The up-front charges and expense above don’t embrace the price of any low cost factors you could resolve to pay. A reduction level is the same as 1.0% of the quantity of the mortgage. For those who resolve to pay low cost factors to decrease your rate of interest, you’ll incur further up-front prices

Thanks for submitting your calculation. We’ve additionally offered your contact information to as much as 4 lenders as a way to discover the mortgage that’s best for you. Proceed to make use of the calculator and carry out as many calculations as you want as your contact information is simply submitted as soon as.

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How Our Down Fee Calculator Works

Your down fee is the portion of the property buy worth that you simply contribute.  Our Down Fee Calculator exhibits you ways your down fee and complete funds required to purchase a house change primarily based on the the next inputs:

Property Buy Value.  The worth of the house you purchase is an important issue that determines your down fee.  The costlier dwelling you purchase, the upper your down fee.

Down Fee as a Proportion of the Buy Value.  Most lenders require you to make a down fee of 20% to obtain one of the best mortgage phrases though low down fee packages allow you to purchase a house with 3% down or much less.  The extra money you set down, the smaller the mortgage quantity it’s good to purchase a house. The decrease your down fee, the upper the loan quantity you want.

Mortgage Charge.  The decrease the rate of interest, the upper the mortgage quantity you may afford and the smaller the down fee you want.

Mortgage Time period.  The longer your loan, the decrease your month-to-month fee and better the loan quantity you may afford.

Our calculator allows you to decide the full value to purchase a house together with the next data:

Down Fee Required. Your down fee depends upon the value of the house you need to purchase and the share of the acquisition worth you set down.

Estimated Closing Prices.  These are prices required by third events together with escrow and title firms to course of your loan. Closing prices range primarily based in your mortgage quantity, property buy worth, location and different elements.  The costlier the house you purchase, the upper the closing prices. It is very important take into account closing prices to just be sure you have the required funds to shut your loan. For instance, you might have saved to your down fee and never realized how costly closing prices are.

Lender Prices.  These are the charges charged by the lender to course of and fund your mortgage.  Lender prices are usually a hard and fast quantity.

Complete Upfront Cash Required to Buy the Dwelling. That is complete quantity of funds it’s good to give you to purchase the house you need together with each the down fee and shutting prices. You might also be required to carry financial savings in reserve relying in your loan program and lender.

Mortgage Quantity. That is the amount of cash you borrow to purchase the property. The decrease your down fee, the upper your mortgage.

Mortgage-to-Worth (LTV) Ratio. Your LTV ratio, or the ratio of your mortgage quantity to the worth of your property, is inversely associated to your down fee which implies the extra money you set down, the decrease your LTV ratio. Lenders normally apply a most LTV ratio to find out your loan quantity in addition to your eligibility for sure loan packages.

Mortgage Fee. That is your estimated month-to-month fee primarily based in your loan quantity. The upper your down fee, the decrease your mortgage quantity and fee.

Estimated Property Tax and Owners Insurance coverage. While you purchase a house you will need to perceive housing bills resembling property tax and householders insurance coverage. These prices range primarily based on property worth and site in addition to stage of protection.

Complete Month-to-month Housing Expense.  This contains your mortgage fee plus property tax and householders insurance coverage so you may decide when you can afford the full month-to-month value to personal a house.

Down Fee to Purchase a Dwelling


Most Lenders Require a Down Fee of 10% – 20% of the Dwelling Buy Value

Most lenders require a minimal down fee of 10% – 20% to qualify for a mortgage and 20% to obtain the bottom rate of interest from the lender.  For instance, in case you are shopping for a house for $100,000 you’d be required to make a down fee of $20,000 to obtain one of the best mortgage phrases from the lender ($100,000 (property worth) * 20% (down fee) = $20,000).  The down fee requirement could change primarily based on mortgage program and loan quantity with some lenders requiring greater down funds on jumbo loans.  The down fee requirement can range by lender so debtors ought to contact a number of lenders to grasp their insurance policies.  Use our Down Fee Calculator to grasp how your loan quantity and month-to-month fee change relying on how a lot you set down.


Low / No Down Fee Mortgage Applications

Whereas 10% – 20% is the required down fee for many mortgages, there are a number of no and low down fee mortgage packages that allow debtors to purchase houses with little or no cash down.  For instance, the USDA and VA dwelling loan packages allow you to purchase a house with no down fee, the HomeReady and Dwelling Doable mortgage packages allow you to purchase a house with a 3.0% down fee and the FHA mortgage program allows you to purchase a house with a 3.5% down fee.  Many massive banks or credit score unions additionally supply their very own low down fee mortgage packages.  In some circumstances, these packages could require debtors to pay further charges or the next rate of interest however they make proudly owning a house extra attainable for extra debtors.  


Your Down Fee and Mortgage Insurance coverage

For those who make a down fee of lower than 20% of the property buy worth you might be usually required to pay some type of mortgage insurance coverage, which protects the lender within the occasion you default in your loan.  For typical loans, debtors pay non-public mortgage insurance coverage (PMI) which is a further ongoing month-to-month price on high of your mortgage fee.  In some circumstances debtors pay PMI as a separate month-to-month price (borrower paid PMI) and in different circumstances debtors pay PMI by paying the next rate of interest (lender paid PMI) FHA and USDA mortgage debtors are required to pay an upfront and ongoing mortgage insurance coverage premium whereas VA mortgage debtors are solely required to pay an upfront funding price.  The quantity of mortgage insurance coverage varies relying on the mortgage program and different elements resembling credit score rating and loan-to-value (LTV) ratio.  Debtors ought to perceive how mortgage insurance coverage will increase their upfront and ongoing month-to-month mortgage prices in the event that they make a down fee of lower than 20%.


Extra Prices

Along with your down fee, debtors are required to pay for mortgage closing prices and probably maintain financial savings in reserve when the loan closes.  Closing prices range relying in your loan quantity and property worth and might run hundreds of {dollars}.  Our Down Fee Calculator exhibits you the extra prices concerned in shopping for a house so that you no how a lot cash it’s good to shut the acquisition and keep away from any surprises.  Moreover, some lenders and mortgage packages require debtors to take care of a minimal quantity of financial savings in reserve on the time your mortgage closes.  Though it will not be required by your lender, FREEandCLEAR recommends that you simply maintain sufficient financial savings in reserve to cowl three-to-six months of complete month-to-month housing expense.  For instance in case your complete month-to-month housing expense is $1,5000, you’d maintain at the very least $4,5000 in reserves on the time your mortgage closes.  Debtors ought to perceive the full quantity of funds required to pay for his or her down fee, closing prices and financial savings in reserve to verify they’ve ample funds to qualify for a mortgage.


The Relationship Between Your Down Fee and Mortgage-to-Worth (LTV) Ratio

Mortgage-to-value (LTV) ratio is your mortgage quantity divided by the honest market worth of the property being financed in keeping with an appraisal report.  For instance, in case your mortgage quantity is $80,000 and your property worth is $100,000, your LTV ratio is 80% ($80,000 (loan quantity) / $100,000 (property worth) = 80% (LTV ratio)).  Lenders normally apply a most LTV ratio of 80% to 90% though low down fee packages allow greater LTV ratios as much as 100% in some circumstances.  Your LTV ratio is inversely correlated to your down fee which implies the extra money you set down, the decrease your LTV ratio and the simpler it’s to qualify for a mortgage.  Lenders import LTV ratio limits as a result of they need to make certain there’s ample fairness within the property in case you default in your mortgage.  While you purchase a house, from the lender’s standpoint, the decrease the LTV ratio the higher which implies you make the next down fee.  Make sure to perceive your lender’s LTV ratio restrict earlier than you apply for a mortgage.


Present Mortgage Charges in San Diego1, California1 as of July 1, 2021

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Information offered by Brown Bag Advertising and marketing, Inc. Funds don’t embrace quantities for taxes and insurance coverage premiums. Learn by means of our lender desk disclaimer for extra on charges and product particulars.

Whereas we satisfaction ourselves on the standard and breadth of the FREEandCLEAR mortgage calculators please observe that they need to be used for informational functions solely. Our calculators depend on assumptions by us and inputs and assumptions offered by you, which can be inaccurate. The outputs from our calculators are estimates solely and shouldn’t be used as the only foundation for making any monetary choices. All the time seek the advice of a number of monetary professionals when figuring out the mortgage dimension and program that’s acceptable for you.

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Thibos, Megan. “How one can resolve how a lot to spend in your down fee.” CFPB. Client Monetary Safety Bureau, January 30 2017. Net.

Concerning the calculator developer

Harry Jensen, Mortgage Professional

Harry is the co-founder of FREEandCLEAR. He’s a mortgage skilled with over 45 years of business expertise. Over his profession, Harry has closed hundreds of loans for happy debtors and now gives his recommendation and insights on FREEandCLEAR.  Harry is a licensed mortgage skilled (NMLS #236752). Extra about Harry

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