This is a comprehensive Down Payment Calculator designed to help homebuyers understand the total cash needed when purchasing a home. It calculates not just the down payment, but all upfront costs, including closing costs, inspections, and moving expenses. It also provides monthly payment estimates and PMI (Private Mortgage Insurance) requirements.

How to Use

Step 1: Enter Home Purchase Information

1. Home Price: Enter the purchase price of the home you're considering (e.g., $300,000)
2. Down Payment: Enter your down payment in two ways:
   • Dollar Mode (default): Enter the exact amount (e.g., $60,000)
   • Percentage Mode: Click the % button to switch modes, then enter a percentage (e.g., 20)
   • Click the toggle button to switch between $ and % modes

Step 2: Adjust Additional Costs

3. Closing Costs: Percentage of home price (default: 3%, typical range: 2-5%)
   • Includes lender fees, title insurance, attorney fees, etc.
4. Inspection & Appraisal Costs: One-time fees (default: $800)
   • Home inspection and property appraisal
5. Moving & Other Costs: Additional expenses (default: $2,000)
   • Moving company, utilities setup, initial repairs, etc.

Step 3: Enter Loan Information

6. Interest Rate: Annual mortgage interest rate (default: 6.5%)
7. Loan Term: Select mortgage length from the dropdown:
   • 15 years
   • 20 years
   • 30 years (default)

Step 4: Calculate

8. Click the Calculate button to see your results
9. Click the Clear button to reset all fields and start over

Understanding Your Results

Down Payment Summary Box

• Down Payment Required: The exact amount and percentage you need
• Total Cash Needed: Complete amount required at closing (including all costs)
• Loan Amount: How much you'll be borrowing
• Monthly Payment: Estimated monthly mortgage payment (including PMI if applicable)
• LTV Ratio: Loan-to-Value ratio (how much you're financing vs. home value)

Cash Required at Closing Breakdown

Shows itemized costs:

• Down payment
• Closing costs
• Inspection & appraisal fees
• Moving & other expenses

PMI Alert

• If down payment < 20%: Shows a warning that PMI is required and estimates the monthly cost
• If down payment ≥ 20%: Confirms no PMI is needed, saving you money

Quick Tips (Shown at Bottom)

The calculator includes helpful guidelines:

• 20% down: Avoids PMI, best rates
• 10-19% down: May require PMI but competitive rates
• 5-9% down: Requires PMI, higher payments
• 3-5% down: FHA loans available
• 0% down: VA loans (veterans) or USDA loans (rural areas)

Example Calculation

Input:

• Home Price: $400,000
• Down Payment: 20% (or $80,000)
• Closing Costs: 3%
• Interest Rate: 6.5%
• Loan Term: 30 years

Output:

• Down Payment: $80,000 (20%)
• Closing Costs: $12,000
• Total Cash Needed: ~$94,800
• Loan Amount: $320,000
• Monthly Payment: ~$2,023
• No PMI required ✓

This calculator helps you plan financially for homeownership by showing the complete picture of upfront costs and ongoing payments!