Calculate how much you need for a down payment and estimate your PMI costs. See your total cash needed and savings timeline for 2026.
Calculate Down Payment$416,000
Median Home Price
8%
Avg First-Time Buyer
20%
Avoid PMI Target
3-5%
Closing Costs
Your down payment is the upfront cash you pay toward a home purchase, expressed as a percentage of the price. While 20% is traditional, the National Association of Realtors (NAR) reports that the actual average is much lower—around 8% for first-time buyers and 19% for repeat buyers.
The Consumer Financial Protection Bureau (CFPB) notes that down payment requirements vary by loan type: conventional loans (3-20%), FHA loans (3.5%), VA loans (0%), and USDA loans (0%). Each option has tradeoffs in terms of PMI, interest rates, and eligibility requirements.
With median home prices around $416K, a 20% down payment means $83K cash. Adding 3% closing costs brings total cash needed to approximately $96K. Understanding these numbers helps you set realistic savings goals and timeline expectations.
3%
Minimum Conventional
PMI Required
5%
Low Down Payment
PMI Required
10%
Standard
PMI Required
20%
Traditional (No PMI)
No PMI
25%
Strong Equity
No PMI
Remember: Total cash needed = Down Payment + Closing Costs (2-5%) + Move-in reserves.
See exactly how much you need to save and estimate your timeline.
Calculate Down Payment