How much down payment do I need?

It depends on the loan. Some loans allow a small down payment and some need more. A lender can tell you the minimum for your loan and whether you will pay mortgage insurance.

Is there help with the down payment in NJ and NY?

Yes, there are state and city programs. See our mortgage guides for New Jersey (NJHMFA) and New York (SONYMA and NYC HomeFirst) programs, with links to the official pages.

Should I also save for closing costs?

Yes. Closing costs are separate from the down payment. Use our closing cost calculator to add them up.

Calculators

Down payment calculator

Pick a home price and a down payment percent. See the amount, what you still need, and when you get there.

Your numbers

The numbers filled in are examples only. Replace them with your own.

Home price

Down payment (percent of price)

Saved so far

You can save per month

Results

Down payment needed: $100,000
Still to save: $60,000
Loan amount: $400,000

Estimate only, not a loan offer or advice. Real costs depend on your lender, credit, taxes and insurance quotes.

Questions people ask

How much down payment do I need?: It depends on the loan. Some loans allow a small down payment and some need more. A lender can tell you the minimum for your loan and whether you will pay mortgage insurance.
Is there help with the down payment in NJ and NY?: Yes, there are state and city programs. See our mortgage guides for New Jersey (NJHMFA) and New York (SONYMA and NYC HomeFirst) programs, with links to the official pages.
Should I also save for closing costs?: Yes. Closing costs are separate from the down payment. Use our closing cost calculator to add them up.