What's My Payment?

Down Payment Calculator

Compare how different down payment amounts impact your monthly conventional, FHA, or VA loan payment, including any PMI or funding fee.

*All payments are estimated for demonstration purposes only and exclude property tax and homeowner's insurance.

Conventional Loan

Common down payments when using a conventional loan are 5%, 10%, and 20%. The minimum down payment is 3%. We estimate PMI where applicable using familiar PMI rates. Work with your lender to explore PMI options.

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FHA Loan

FHA loans require a minimum 3.5% down payment. Making a 5% or 10% down payment reduces the FHA MIP and overall payment.

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VA Loan

VA loans typically do not require a down payment. Making a 5% or 10% down payment will decrease the VA funding fee, particularly if you have previously used your VA home loan benefits. The funding fee is generally waived if you recieve service related disability.

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Had Previous VA Loan

If you have an active VA loan and have no plans to pay it off when buying your new home, you may need to make a down payment. Use our VA entitlement calculator to determine how much.

What's My Payment? (WMP) is not a mortgage lender, nor are we affiliated with any government agency, including FHA, VA, USDA, FANNIE MAE, or FREDDIE MAC. We do not originate mortgage loans.

WMP provides information and mortgage payment calculations for a variety of loan types, both government (FHA, VA, USDA, etc.) and in general. While every effort is made to ensure the information we provide is accurate, all calculations and information provided throughout this website are for demonstration purposes only.

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