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Mortgage Calculator: Down Payment

How much should I put down for a new house?

A mortgage down payment is the money you put down for a home at closing. It’s a good rule of thumb to have 20 percent of the loan amount of your home for a down payment, but it is not always required.

Keep in mind, the more money you have for a down payment, the less you will need to borrow and the less your total monthly payment will be. A larger down payment may also result in improved pricing as it may allow you to avoid having to pay private mortgage insurance. Even better, a higher down payment will create instant equity in your home, protecting you in a volatile market.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended as a solicitation for any credit product or to provide credit advice. Calculators and input options are intended solely for general information and educational purposes. Calculations are hypothetical, and based on information and assumptions provided by you. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. You should not take any action on the basis of the information provided through this calculator. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

How to use this calculator

Home Info:

Enter your purchase price, term, and expected years in home. This will help us determine how much your down payment will impact your total mortgage cost.

Less/More Down:

Compare how making a larger or smaller down payment will impact your total mortgage cost. Enter your percentage of down payment, estimate interest rate, origination charge, discount points, and other settlement services.

The origination charge is generally between 0.5% and 1% of your mortgage loan, but check with your mortgage specialist to confirm. For Other Settlement Services, consider the cost of an appraisal, credit report, flood certification, tax service, lender and owner’s title insurance, and government recording fees.

Taxes & Insurance:

Enter your average yearly property tax, homeowner’s insurance, state/federal tax rate, and savings rate.