Before you can buy a house, you will need some form of down payment. Use our down payment calculator to see how much you will need to buy your home.
Mortgage Down Payment Calculator
How to use the down payment calculator?
We’ve done a whole video on how to use the down payment calculator (see below). Essentially there are 4 sections you need to fill out. They are the home value amount, the amount saved so far, the interest rate you will use, and the mortgage term in years. This was we can tell you how much your payment will be and how much more you will need to save based on 3 different types of mortgages. From there, we can give you a better idea of what you need to do.
Home Value Amount
This is the part of the down payment calculator where you will input how much you intend to pay for the house. If you aren’t sure about how much that should be, look at our mortgage affordability calculator, it goes way beyond what the bank will tell you.
This is the amount that you have saved so far for your down payment. By entering in this amount, you can determine whether or not you will need to save more. If you are just starting out, and you are a first-time homebuyer. Then you can leave it at $0.
This is used so we can calculate what your payment would be based on different down payment amounts.
This is how long you intend to have a mortgage. The typical choices are 15, 25, and 30 years, but you can play around with it. As you change this, it will change your mortgage payment, just another way of helping you with this down payment calculator.
Evaluating the Results From the Mortgage Down Payment Calculator
Once you have put in your information for the house down payment calculator, you will be able to see how much you need to save in each scenario.
We give you the 3 typical ones, 3.5% (this is the minimum FHA approved amount), 5% this is for a Conforming mortgage, and 20%.
A Few Things You Should Know About This Home Down Payment Calculator
When you look at how much you need for a down payment on a house, this is just the base amount. You will still need money for your home essentials and closing costs, as well as a bunch of other things.
How Much of a Down Payment Do I Need?
If you are going with the minimum amount that you need for a down payment on a home, the answer is 3.5%. That is the minimum that the FHA (Federal Housing Administration) requires to approve a mortgage.
What’s next after you have used the down payment calculator?
Now that you know how much you still need to save up some money for your down payment. We have many resources for you to use. Here are some next steps to take