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Down Payment Calculator

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For a home price of -- the minimum down payment would be --.
Based on a Home Value of:
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For a home price of -- your down payment can range from:

3.5% Down Payment (FHA)
$00,000 (0%)Mortgage Amount: $000,000
5% Down Payment (Conforming)
$00,000 (0%)Mortgage Amount: $000,000
20% Down Payment
$00,000 (0%)Mortgage Amount: $000,000
Mortgage Type Options
Based on a mortgage
Home Value Points Location Credit Score
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  • About This Answer

    Our down payment calculator tool helps you understand what your minimum potential down payment could be in your geography based on the target home price that you choose. First we look at the loan limits for different mortgage types in your location, then we take your target home value and identify what mortgage types your home value would qualify for in your location. Once we identify the mortgage types that qualify, we find the minimum possible down payment that you could pay. We also show you how different mortgage types and down payment percentages impact your monthly payments and closing costs.

    ...read more
  • Our Assumptions

    Mortgage Term: We assume a 30-year fixed mortgage term.

    Mortgage Type Loan Limits: We use mortgage loan limits down to the county level to identify if a user qualifies for an FHA or Conforming loan.

    Mortgage data: We use live mortgage data to calculate your mortgage payment.

    Closing costs: We have built local datasets so we can calculate exactly what closing costs will be in your neighborhood.

    ...read more
  • Our Home Buying Expert

    Michelle Lerner Home Buying

    As SmartAsset’s home buying expert, award-winning writer Michele Lerner brings more than two decades of experience in real estate. Michele is the author of two books about home buying: “HOMEBUYING: Tough Times, First Time, Any Time,” published by Capitol Books, and “New Home 101: Your Guide to Buying and Building a New Home.” Michele’s work has appeared in The Washington Post, Realtor.com, MSN and National Real Estate Investor magazine. She is passionate about helping buyers through the process of becoming homeowners. The National Association of Real Estate Editors (NAREE) honored Michele in 2016 and 2017 with the award for Best Mortgage or Financial Real Estate Story in a Daily Newspaper.

    ...read more
Your down payment options are determined by your credit score, location, and mortgage value.
Mortgage Type Minimum
Down Payment
Mortgage Payment Closing Costs
FHA of Home Value
down payment
monthly mortgage payment (No mortgage insurance required) total closing costs
FHA You do not qualify for this mortgage type -
Conforming of Home Value
down payment
monthly mortgage payment (No mortgage insurance required) total closing costs
Conforming You do not qualify for this mortgage type -
20% 
Down Payment
20% of Home Value
down payment
monthly mortgage payment (No mortgage insurance required) total closing costs
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Most Affordable Big Cities in America

SmartAsset created an affordability index to locate the most affordable housing markets in the country. Zoom between states and the national map to see the top markets in each region. This interactive map allows you to see the most affordable big cities in the country and in each state. Also, scroll over any city to learn about housing affordability in that market.

Rank City Avg. Closing Costs Annual Property Tax Annual Homeowner's Insurance Avg. Annual Mortgage Payment Median Income

Methodology There’s a lot more to home affordability than the price a homebuyer agrees to pay the seller. To find the most affordable places to buy a home, SmartAsset took a holistic approach, considering closing costs, real estate taxes, homeowners insurance and mortgage rates in our analysis.

Specifically, we found the total cost over five years of these four expenses—closing costs, taxes, insurance and mortgage payments—for the average home in every city in the U.S. with a population greater than 200,000. We then took that five-year cost as a proportion of median household income in each city to determine affordability.

The most affordable cities were those in which total housing costs on an average house accounted for the smallest proportion of the median income.

Sources: Bankrate, US Census Bureau 2017 American Community Survey, National Association of Insurance Commissioners, government websites, SmartAsset
*For this study we looked at all U.S. cities that have a population greater than 200,000 with available data.