Mortgage & Home · Glossary

Down payment

The part of a home's price you pay in cash at closing. The rest is the mortgage, so a bigger down payment means a smaller loan and often no PMI.

Minimums depend on the loan: 3% for some conventional loans, 3.5% for FHA, and 0% for VA loans for eligible borrowers.

Putting down less than 20% on a conventional loan usually means paying PMI until the loan balance falls far enough. FHA loans charge MIP instead. You also need cash for closing costs on top of the down payment.

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Down Payment CalculatorCompare down payments by PMI, monthly payment, and cash to close.Mortgage CalculatorMonthly payment, PITI, and full amortization schedule.House Affordability CalculatorHow much home you can afford based on income and debts.

Disclaimer: Definitions are general education, not financial, tax, or legal advice. Figures are for the 2026 tax year unless noted.

Down payment

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