Get Pre-Approved for Your Mortgage in Three Easy Steps

  • 1Property Info
  • 2Applicant Info
  • 3Contact Info
Mortgage Type
Property Location
Property Type
Residence Type
Property Value
Down Payment
Do You Have a Co-Borrower?
Total Monthly Gross Income ($)
Total Monthly Debt ($)
Credit Profile
Phone Number
Email Address
Have You or Your Spouse
Served in the Military?
Get Pre-Approved
FREEandCLEARThank you for submitting your info! You are on your way to being pre-approved!
FREEandCLEAR[LENDER NAME] will contact you shortly to complete the pre-approval process
FREEandCLEARThe lender will review your credit score and request selected financial information to finalize your pre-approval
Close and Return
By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
$Get Personalized Mortgage Quotes

  • Compare Multiple Offers
  • Lowest Rates
  • Free
  • No Obligation
  • Real-Time Rates
  • Local Lenders
  • Easy-to-use
  • Free
No thanks, I just want to keep using this cool mortgage calculator
Mortgage Rates
Refinance Rates
FHA Rates
VA Rates
Jumbo Rates
Adjustable Rate Mortgage Rates
Interest Only Mortgage Rates
Non-Owner Occupied Rates
Home Equity Loan Rates
Down Payment Mortgage Calculator
FREEandCLEAR Calculator

Down Payment Calculator

Calculator developed by

Use our Down Payment Calculator to determine the down payment required to buy a home based on the property purchase price and other factors.  Your down payment depends on the price of the home you want to buy, what percentage of the purchase price you put down and your mortgage amount, which is based on current interest rates, your loan program and length and other inputs.  In addition to your down payment, our calculator also determines your estimated closing costs including lender and appraiser fees and other third party expenses.  It important to consider these expenses to make sure that you have the necessary funds to close your mortgage and buy the home.  For example, you may have saved for your down payment and not realized how expensive closing costs are.
Our calculator shows you the total upfront cost required to buy a home including the money you put down plus estimated closing costs.  Additionally, you can review how your down payment and total funds required change based on the percentage of the purchase price you put down.  In short, the higher your down payment, the more money you need to contribute to purchase the property.
Our calculator also shows you the relationship between your down payment and the loan-to-value (LTV) ratio which is an important item when you apply for a mortgage.  Your LTV ratio -- or the ratio of your mortgage amount to the value of your property -- impacts your maximum loan amount as well as your ability to qualify for certain loan programs.
Our Down Payment Calculator also enables you to understand how your mortgage amount, monthly payment and total monthly housing expense, including hazard insurance and property tax, changes with your inputs including the property purchase price.  The more expensive the home you want to buy, the higher your down payment and closing costs.  We also offer a version of this calculator that does not require personal information.

When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
Represents an estimate only. Closing costs vary by lender and service provider
The output provided represents an estimate only. Property tax and insurance rates vary by state, county and property
Please note that at the time of closing, in addition to paying the non-recurring closing costs listed above, the borrower is also required to pay recurring closing costs such as interest (from the day of closing until the end of the month), pro-rated property taxes, homeowners insurance, homeowners association fees (if applicable), private mortgage insurance (PMI) (if applicable), mortgage insurance premium (MIP) (if applicable) and impounds

The up-front fees and expense above do not include the cost of any discount points you may decide to pay. A discount point is equal to 1.0% of the amount of the mortgage. If you decide to pay discount points to lower your interest rate, you will incur additional up-front costs
Rate Details*
Loan Program:  
Monthly Payment:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Current Mortgage Rates as of December 11, 2018
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact
Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Down Payment to Buy a Home


Most Lenders Require a Down Payment of 10% - 20% of the Home Purchase Price

Most lenders require a minimum down payment of 10% - 20% to qualify for a mortgage and 20% to receive the lowest interest rate from the lender.  For example, if you are buying a home for $100,000 you would be required to make a down payment of $20,000 to receive the best mortgage terms from the lender ($100,000 (property value) * 20% (down payment) = $20,000).  The down payment requirement may change based on mortgage program and loan amount with some lenders requiring higher down payments on jumbo loans.  The down payment requirement can vary by lender so borrowers should contact multiple lenders to understand their policies.  Use our Down Payment Calculator to understand how your loan amount and monthly payment change depending on how much you put down.


Low / No Down Payment Mortgage Programs

While 10% - 20% is the required down payment for most mortgages, there are multiple no and low down payment mortgage programs that enable borrowers to buy homes with little or no money down.  For example, the USDA and VA home loan programs enable you to buy a home with no down payment, the HomeReady and Home Possible mortgage programs enable you to buy a home with a 3.0% down payment and the FHA mortgage program enables you to buy a home with a 3.5% down payment.  Many large banks or credit unions also offer their own low down payment mortgage programs.  In some cases, these programs may require borrowers to pay additional fees or a higher interest rate but they make owning a home more attainable for more borrowers.  


Your Down Payment and Mortgage Insurance

If you make a down payment of less than 20% of the property purchase price you are typically required to pay some form of mortgage insurance, which protects the lender in the event you default on your loan.  For conventional loans, borrowers pay private mortgage insurance (PMI) which is an additional ongoing monthly fee on top of your mortgage payment.  In some cases borrowers pay PMI as a separate monthly fee (borrower paid PMI) and in other cases borrowers pay PMI by paying a higher interest rate (lender paid PMI) FHA and USDA mortgage borrowers are required to pay an upfront and ongoing mortgage insurance premium while VA mortgage borrowers are only required to pay an upfront funding fee.  The amount of mortgage insurance varies depending on the mortgage program and other factors such as credit score and loan-to-value (LTV) ratio.  Borrowers should understand how mortgage insurance increases their upfront and ongoing monthly mortgage costs if they make a down payment of less than 20%.


Additional Costs

In addition to your down payment, borrowers are required to pay for mortgage closing costs and potentially hold savings in reserve when the loan closes.  Closing costs vary depending on your loan amount and property value and can run thousands of dollars.  Our Down Payment Calculator shows you the additional costs involved in buying a home so you no how much money you need to close the purchase and avoid any surprises.  Additionally, some lenders and mortgage programs require borrowers to maintain a minimum amount of savings in reserve at the time your mortgage closes.  Although it may not be required by your lender, FREEandCLEAR recommends that you hold enough savings in reserve to cover three-to-six months of total monthly housing expense.  For example if your total monthly housing expense is $1,5000, you would keep at least $4,5000 in reserves at the time your mortgage closes.  Borrowers should understand the total amount of funds required to pay for their down payment, closing costs and savings in reserve to make sure they have sufficient funds to qualify for a mortgage.


The Relationship Between Your Down Payment and Loan-to-Value (LTV) Ratio

Loan-to-value (LTV) ratio is your mortgage amount divided by the fair market value of the property being financed according to an appraisal report.  For example, if your mortgage amount is $80,000 and your property value is $100,000, your LTV ratio is 80% ($80,000 (loan amount) / $100,000 (property value) = 80% (LTV ratio)).  Lenders usually apply a maximum LTV ratio of 80% to 90% although low down payment programs permit higher LTV ratios up to 100% in some cases.  Your LTV ratio is inversely correlated to your down payment which means the more money you put down, the lower your LTV ratio and the easier it is to qualify for a mortgage.  Lenders import LTV ratio limits because they want to make sure there is sufficient equity in the property in case you default on your mortgage.  When you buy a home, from the lender's standpoint, the lower the LTV ratio the better which means you make a higher down payment.  Be sure to understand your lender's LTV ratio limit before you apply for a mortgage.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

What Size Down Payment Do I Need to Buy a Home?

Review our comprehensive explanation of what size down payment you need to buy a home including informative examples


Comparison of No and Low Down Payment Mortgage Program

Review and understand multiple government-backed and conventional low or no down payment mortgage programs to understand key borrower benefits, program eligibility and qualification requirements.


Mortgage Rates

Compare mortgage rates and fees from top lenders near you.  Comparing proposals from multiple lenders is the best way to find the mortgage that is right for you

Ask a Mortgage Expert

Ask a Mortgage Expert

Got mortgage questions? We love answering them. Submit your mortgage questions and receive an informative response within 24 hours


Loan-to-Value (LTV) Ratio for a Mortgage

Understand the importance of an LTV ratio and why lenders focus on this figure when you apply for a mortgage


Down Payment: https://www.consumerfinance.gov/about-us/blog/how-decide-how-much-spend-your-down-payment/

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

Harry Jensen LinkedInLinkedIn | Email Harry JensenEmail

Get Free Personalized Mortgage Quotes

First Name:
Last Name:
Phone Number:

My Mortgage Info

Mortgage Type
Credit Score
Loan Amount
Property Value
FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!