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Printed July 16, 2026 · https://trycleartally.com/down-payment-calculator
Estimates for educational purposes only — not financial advice. See https://trycleartally.com/disclaimer.
Down Payment Calculator
See what your down payment works out to, the loan and loan-to-value it leaves you with, whether PMI is likely, and how much to save each month to get there.
Reviewed by the ClearTally editorial team · Last updated July 16, 2026 · Methodology & sources
= $40,000
What you've already set aside toward the down payment.
Return on your savings while you build the down payment.
Down payment
$40,000
10.0% of the home price
Loan amount
$360,000
Loan-to-value (LTV)
90%
Under 20% down — PMI likely
Still to save
$30,000
Save each month to be ready in 24 months
$1,169.41
Assumes your savings earn the APY above
PMI likelihood assumes a conventional loan; FHA, VA, and USDA loans follow different rules. Estimate only, not financial advice.
Down Payment Worksheet
Down payment
$40,000 (10.0%)
PMI likelihood assumes a conventional loan. Estimate only, not financial advice.
Calculated using the standard formulas described at https://trycleartally.com/methodology — for educational estimates only, not a quote or financial advice. Verify with your lender or financial institution before making decisions.
The down payment is one piece of the cash you'll need. The closing cost calculator adds the rest of your cash to close, and the mortgage calculator turns your loan into a monthly payment.
How it works
The down payment is the slice of the price you pay up front; the rest becomes your loan. Enter it as a percent or a dollar amount and the calculator shows both, plus your loan-to-value (LTV) — the loan as a percent of the price. LTV is the number lenders watch: on a conventional loan, putting down less than 20% (an LTV above 80%) usually means paying private mortgage insurance until you build enough equity, which is why 20% is the figure everyone quotes.
The savings side runs the math in reverse. Given what you've already set aside and a target date, it solves for the fixed monthly amount that gets you to the full down payment — the same solver behind our savings goal calculator, so the interest your savings earn along the way is counted, not ignored.
Example:on a $400,000 home, 10% down is $40,000, leaving a $360,000 loan at 90% LTV — under 20% down, so PMI is likely. If you've saved $10,000 and want to buy in two years, reaching $40,000 means putting away about $1,169 a month — a little under the $1,250 you'd need with no interest, since savings at 4% do part of the work.
Sources & further reading
FAQ
There's no single right number. Putting 20% down avoids private mortgage insurance and lowers your loan, but plenty of buyers put down far less — conventional loans can go as low as 3%, FHA loans 3.5%, and VA and USDA loans allow 0% for those who qualify. The tradeoff is real: a smaller down payment gets you in sooner but means a bigger loan, PMI, and more interest over time. What you shouldn't do is drain your emergency fund to hit 20% — being house-poor with no cushion is its own risk.