How much should I put down for a new home?

This tool helps you determine whether it is better to put a smaller or larger down payment on a home given other loan terms. Usually the longer you intend to hold the loan, the greater the advantage in using a larger down payment due to the fact that you pay less interest over time. A large down payment may be less advantageous, however, if you intend to sell the home, refinance, or pay off the loan in the near future.

If you enter a down payment that is less than 20% of the home purchase price, the calculator estimates a monthly amount for private mortgage insurance (PMI). Mortgage lenders generally require that you obtain mortgage insurance if your down payment is less than 20% of the home purchase price.