Down Payment Calculator
Determine how much you need to save to buy your next home. Compare loan types and see how long it will take to reach your goal.
Savings Plan
Required Down Payment
$0
$0 Loan Amount
Savings Goal Reachable In:
Goal Reached! 🎉
Conventional (3%)
$12,000
First-time buyers with good credit.
FHA Loan (3.5%)
$14,000
Lower credit scores or smaller savings.
VA Loan (0%)
$0
Veterans and active-duty military.
Down Payment Guide: How Much Cash Do You Really Need?
One of the biggest obstacles to homeownership is the down payment. While a 20% down payment is often seen as the "gold standard," it is far from the only option available to USA homebuyers in 2026.
Our WorksyHub Down Payment Calculator helps you visualize exactly how much cash you need based on different loan programs and home prices. Whether you are aiming for an FHA loan or a traditional conventional mortgage, our tool breaks down the numbers instantly.
Minimum Down Payment Requirements
- 3% Conventional: For many first-time home buyers with credit scores above 620.
- 3.5% FHA: A popular choice for buyers with lower credit scores (as low as 580).
- 0% VA/USDA: Available for veterans, active military, or those buying in designated rural areas.
What is PMI?
Private Mortgage Insurance (PMI) is usually required if you put down less than 20%. It protects the lender if you stop making payments.
While it adds an extra monthly cost (usually 0.5% to 1.5% of the loan amount per year), it allows you to buy a home much sooner by not having to save the full 20% upfront.
Frequently Asked Questions
Is 20% down always better?
20% down avoids PMI and gives you lower monthly payments, but if home prices are rising rapidly (as they are in many USA cities), putting down 3-5% and buying now might be better than waiting years to save more.
What are 'Closing Costs'?
Beyond your down payment, you'll need another 2-5% for closing costs (taxes, title fees, inspections). Use our Closing Cost Calculator to estimate these.
Can I use gift money for a down payment?
Yes! Most loan programs allow you to use 'gift letters' from family members to cover part or all of your down payment.
How can I save faster for a house?
Setting up an automatic transfer on payday is the most effective way. Also, consider moving your savings into a High-Yield Savings Account (HYSA) to earn more interest while you wait.
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