First-Time Buyer

First-Time Home Buyer Down Payment Calculator

Most first-time buyers put down between 3% and 10%. This calculator shows exactly how much cash you need and how your choice affects your monthly payment and PMI costs.

Target Home

$

Cash Available

%
%

Loan Details

%

Typical down payment ranges

  • 3–5% Minimum upfront cost, but higher monthly payments and PMI.
  • 10–15% Balanced approach between upfront cash and monthly cost.
  • 20%+ No PMI and lower long-term cost.

Example:

If you buy a $400,000 home:

  • • 5% down ($20,000): Higher monthly payment + PMI
  • • 20% down ($80,000): Lower monthly payment, no PMI

Difference: You may save $200–$400/month depending on your rate.

Cash Needed at Closing

Cash needed to buy this home

$28,000

For a $350,000.00 home, this is a high cost upfront requirement. Many buyers aim for $35,000.00–$70,000.00 depending on strategy.

Down payment

$17,500

Closing costs

$10,500

High Cost Entry

Low down payment reduces upfront cash but increases monthly cost and adds PMI. Consider increasing to 10–15% if possible.

Estimates based on your inputs. Actual results may vary. Terms →

Purchase Composition

Your cash
Financed amount

Higher down payment reduces loan size and monthly cost

Down Payment Scenarios

ScenarioCash NeededPMIMonthly (P&I)
Low (5%)Current
$28,000Yes$2,170
Medium (10%)
$45,500Yes$2,050
Strong (20%)Best Value
$80,500No$1,830

What should you do next?

If your down payment is below 10%, your monthly cost will likely be significantly higher due to PMI.

  • → If your priority is lower monthly payments, consider increasing your down payment.
  • → If your priority is getting into the market sooner, accepting PMI may still make sense.

Most buyers fall between these two trade-offs.

How does your down payment affect maximum affordability?Calculate the exact monthly cost of your loan

What first-time buyers need to know

FHA Loan — 3.5% down

Requires minimum 580 credit score. Includes mortgage insurance for life of loan.

Conventional — 3% down

Best for buyers with 620+ credit score. PMI cancels at 20% equity.

20% down — no PMI

Eliminates PMI entirely. Lower monthly payment but requires more upfront cash.

Estimates based on your inputs. Actual results may vary. Terms →