Down Payment Calculator
Calculate your home down payment percentage, estimated mortgage amount, loan-to-value ratio, savings target, and time needed to reach it.
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Frequently asked questions
- How is the down payment percentage calculated?
- The calculator divides your planned down payment by the home price and multiplies by 100. It subtracts that payment from the home price to estimate the mortgage amount.
- What is loan-to-value ratio?
- Loan-to-value, or LTV, is the estimated loan amount divided by the property's value. A 20 percent down payment produces an 80 percent LTV. Lenders use LTV when assessing risk and mortgage insurance requirements.
- Do I need a 20 percent down payment?
- Not always. Many loan programs allow smaller down payments, while some lenders or locations require more. Twenty percent is commonly used because it may avoid certain mortgage insurance costs, but the exact rule depends on the loan.
- Does the savings target include closing costs?
- No. The target is only the down payment percentage you enter. Keep a separate amount for closing costs, inspections, moving, immediate repairs, and an emergency reserve.
- How is the time to target calculated?
- The calculator subtracts current savings from the target down payment and divides the remaining amount by monthly savings, rounding up to a whole month. It does not assume interest or investment returns.
- Can I use this for any currency?
- Yes. The calculations are currency-neutral. The dollar symbol is a display convention, so enter all amounts consistently in your own currency.