Mortgage
Down Payment Calculator by House Price: Estimate Cash Needed Before You Shop
Estimate down payment, closing costs, and savings timeline from a target home price.
Quick answer: down payment by house price
A down payment is the money you pay upfront when you buy a home.
Simple enough. Until you learn it is only one part of the cash you need.
On a $350,000 house, 10% down is $35,000. That sounds like the finish line. It is not. It is more like the cover charge. Closing costs, moving costs, and your emergency fund still want a seat at the table.
Here is the fast math by home price.
| House price | 3% down | 3.5% down | 5% down | 10% down | 20% down |
|---|---|---|---|---|---|
| $250,000 | $7,500 | $8,750 | $12,500 | $25,000 | $50,000 |
| $350,000 | $10,500 | $12,250 | $17,500 | $35,000 | $70,000 |
| $500,000 | $15,000 | $17,500 | $25,000 | $50,000 | $100,000 |
| $750,000 | $22,500 | $26,250 | $37,500 | $75,000 | $150,000 |
That table answers the search. But it does not answer the life part.
The life part is this: can you pay that cash, handle the monthly payment, and still sleep when the water heater chooses violence?
Use the calculator on this page
Use the mortgage calculator on this page to test your real home price.
The starter example uses a $350,000 home, 10% down, a 30-year loan, and a 7% interest rate. Interest is the cost of borrowing money. If the bank lends you money, interest is the rent you pay on that money.
Change the home price first. Then change the down payment percent.
After that, check the interest rate, property tax, home insurance, and PMI.
PMI means private mortgage insurance. It is insurance you pay for when your down payment is small. Here is the fun part, in the least fun way possible: it protects the lender, not you.
A calculator helps because one small input can move the whole payment.
On a $350,000 house:
- 5% down means $17,500 upfront.
- 10% down means $35,000 upfront.
- 20% down means $70,000 upfront.
That is not just math. That is time, rent, savings, and stress wearing different hats.
Down payment is not the same as cash to close
This is where home buying gets sneaky.
Your down payment is not your total cash needed. Cash to close is the full amount you may need on closing day. Closing is the final signing day when the home legally becomes yours.
Closing costs often run about 2% to 5% of the home price. These can include lender fees, title fees, taxes, prepaid insurance, and escrow. Escrow means money held aside to pay future bills like taxes and insurance.
Here is a cleaner target for a $350,000 house.
| Item | Example amount |
|---|---|
| 10% down payment | $35,000 |
| 3% closing costs | $10,500 |
| Moving/basic setup cushion | $3,500 |
| Total cash target | $49,000 |
That $35,000 down payment turned into $49,000 fast. Money does that sometimes. It enters the room quietly, then brings twelve cousins.
This does not mean you should panic. It means you should plan for the real number.
If you only save the down payment, closing day can feel like a surprise bill with better lighting.
Minimum down payment by loan type
You do not always need 20% down to buy a house.
That myth has stressed out many normal people who were already doing their best. Twenty percent is useful. It is not a law.
Here are common minimums.
| Loan type | Common minimum down payment | Example on $350,000 |
|---|---|---|
| Conventional loan | 3% to 5% | $10,500 to $17,500 |
| FHA loan | 3.5% | $12,250 |
| VA loan | 0% for eligible buyers | $0 |
| USDA loan | 0% for eligible buyers | $0 |
| 20% down benchmark | 20% | $70,000 |
A conventional loan is a standard mortgage that is not backed by the government. FHA, VA, and USDA loans are government-backed programs with their own rules.
Your lender decides what you qualify for. Your job is to know the range before anyone turns a meeting into a sales pitch.
What 20% down actually changes
A 20% down payment can be powerful.
On a $350,000 house, 20% down is $70,000. That leaves a $280,000 loan.
At 5% down, you pay $17,500 upfront. That leaves a $332,500 loan.
The difference is $52,500.
At a 7% rate over 30 years, that extra $52,500 borrowed can add about $349 per month before taxes and insurance.
That is grocery money. Car payment money. “I would like to breathe this month” money.
But 20% down also takes time. If saving the extra $52,500 takes five years, you may pay rent longer. Home prices may rise. Rates may change. Life may do what life does and start juggling knives.
So the better question is not, “Is 20% best?”
The better question is, “Which option keeps the monthly payment safe and leaves me cash after closing?”
How PMI changes the monthly payment
PMI usually applies when you put less than 20% down on a conventional loan.
Again, PMI protects the lender. You pay it because the lender sees a smaller down payment as more risk.
Here is a real example.
If you buy a $350,000 home with 10% down, the loan is $315,000.
If PMI costs 0.5% of the loan per year, that is $1,575 per year.
Divide that by 12 months. PMI adds about $131 per month.
That does not mean PMI is evil. It can help you buy sooner. But it is not free. Few things in mortgage land are free. Even the free pen has paperwork attached.
Use the calculator to test the payment with PMI and without PMI.
Then ask: if the payment rises by $131, does your budget still work?
How long it takes to save the down payment
A down payment is not only a number. It is a timeline.
If your total cash target is $49,000, here is how long it takes.
| Monthly savings | Time to save $49,000 |
|---|---|
| $500/month | 98 months, or about 8.2 years |
| $750/month | 66 months, or about 5.5 years |
| $1,000/month | 49 months, or about 4.1 years |
| $1,500/month | 33 months, or about 2.8 years |
| $2,000/month | 25 months, or about 2.1 years |
This is where the Savings Goal Calculator helps.
Use it after you know the cash target. The down payment calculator tells you the mountain. The savings calculator tells you whether you brought hiking shoes or flip-flops.
Should you buy now or wait?
There is no perfect answer. Anyone who says there is usually has something to sell.
Buying sooner with 3% or 5% down can make sense if the payment is safe, your job is stable, and you still keep emergency savings.
Waiting can make sense if the payment would be tight, you have high-interest debt, or closing would drain every dollar you have.
High-interest debt means debt with a costly rate, like many credit cards. If a card charges 24%, that debt grows fast. It does not politely wait while you shop for backsplash tile.
Use this rule of thumb.
Do not let the house take all your cash.
A home should give you stability. It should not turn every small repair into a family meeting.
What to check next
Once you know your down payment, check these next.
- Run the full monthly payment in the Mortgage Calculator.
- Include taxes, insurance, PMI, and HOA fees if they apply.
- Test the payment in your real monthly budget.
- Use the Savings Goal Calculator for your cash target.
- Keep an emergency fund after closing.
- Ask a lender what loan types you may qualify for.
If the number feels tight, do not ignore that feeling. Your budget is not being negative. It is trying to keep you indoors with electricity.
Frequently asked questions
How much down payment do I need for a $350,000 house?
For a $350,000 house, 3% down is $10,500. A 3.5% FHA-style down payment is $12,250. Five percent is $17,500. Ten percent is $35,000. Twenty percent is $70,000.
You may need more cash for closing costs and moving. A 10% down payment plus 3% closing costs and a $3,500 cushion is about $49,000.
Do I need 20% down to buy a house?
No. Many buyers use less than 20% down.
Twenty percent can lower the monthly payment and help avoid PMI. But some conventional loans allow 3% to 5% down. FHA loans often start at 3.5%. VA and USDA loans may allow 0% for eligible buyers.
What is the minimum down payment for a house?
It depends on the loan.
Some conventional loans start around 3%. FHA loans often start at 3.5%. VA and USDA loans can be 0% for eligible buyers. Your credit, income, debt, location, and lender rules all matter.
Are closing costs included in the down payment?
No. They are separate.
The down payment lowers the amount you borrow. Closing costs pay for the loan and sale process. On a $350,000 house, 3% closing costs would be $10,500.
How much should I save beyond the down payment?
A safer target is the down payment, plus 2% to 5% for closing costs, plus a moving and emergency cushion.
For a $350,000 house with 10% down, that could mean $35,000 down, $10,500 closing costs, and $3,500 for moving. Total: about $49,000.
How does PMI affect my monthly payment?
PMI adds a monthly cost when you put less than 20% down on many conventional loans.
On a $315,000 loan, PMI at 0.5% costs $1,575 per year. That is about $131 per month.
Is it better to put 5% or 20% down?
It depends on your cash and monthly budget.
Five percent gets you in with less money upfront. But the loan is bigger and PMI may apply. Twenty percent lowers the loan and may remove PMI. But it can take years to save.
The safer choice is the one that leaves you with a payment you can handle and cash after closing.
Can gift money count toward a down payment?
Often, yes. Many loan programs allow gift funds from family or approved sources.
But lenders need paperwork. They usually want a gift letter that says the money is not a loan. Ask your lender before moving money around.