Real Estate

Down Payment Calculator

Calculate your down payment, check PMI requirements, and see how long it takes to save.

Quick Answer:A 20% down payment on a $350,000 home in 2026 is $70,000. With $50,000 saved and adding $1,000/month, you'll reach your goal in approximately 20 months.

Inputs

Home Price ($)

Down Payment (%)

Current Savings ($)

Monthly Savings ($)

Down Payment Amount

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Loan Amount

PMI Required

Months to Save

Closing Costs (3%)

Visual Comparison

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Expert Insight 2026 Pro Tip

The 20% down payment rule is not absolute — many buyers successfully purchase homes with less. In 2026, first-time buyer programs in most states offer 3-5% down payment options, and some include down payment assistance grants. However, putting less than 20% down triggers PMI, which adds $100-300/month to your payment on a typical home. A smart strategy is to save beyond just the down payment: budget 3-5% of the home price for closing costs plus 3-6 months of expenses as an emergency fund so you don't deplete all reserves at closing.

Frequently Asked Questions

How much down payment do I need for a house in 2026?

The traditional recommendation is 20% down to avoid PMI, but many loan programs accept much less. In 2026, FHA loans require as little as 3.5% down, conventional loans can go as low as 3%, and VA loans offer 0% down for eligible veterans. For a $350,000 home, a 20% down payment is $70,000, while a 3.5% FHA down payment would be just $12,250. The trade-off for putting less down is paying private mortgage insurance, which typically costs 0.5-1% of the loan amount annually until you reach 20% equity in the home.

What is PMI and when is it required?

Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home purchase price on conventional loans. PMI protects the lender if you default on your mortgage. In 2026, PMI typically costs between 0.5% and 1% of your loan amount per year, added to your monthly payment. For a $280,000 loan, that is roughly $117-233 per month. PMI can be removed once you reach 20% equity through payments or home appreciation, and it automatically cancels at 22% equity under the Homeowners Protection Act.

How can I save for a down payment faster?

To accelerate your down payment savings in 2026, consider these strategies: automate transfers to a dedicated high-yield savings account earning 4-5% APY, reduce discretionary spending and redirect the savings, explore down payment assistance programs available in your state or city, and consider gifts from family members which are allowed by most loan programs. Some employers also offer housing assistance benefits. Setting up a separate savings account specifically for your down payment helps track progress and avoid dipping into those funds for other expenses. Consistency matters more than large one-time deposits.