What is a mortgage down payment calculator?

Our mortgage calculator allows you to see how much you can save in premiums by having a down payment of at least 20%. Sandra MacGregor has been writing about personal finance, mortgages, investing and credit cards for over a decade. Use a mortgage down payment calculator to figure the lump sum you’ll need to secure a particular property.

What is the difference between a down payment and a mortgage?

A down payment is the amount of money you put towards the purchase of a home. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home. The minimum amount you need for your down payment depends on the purchase price of the home.

How do you calculate a minimum down payment for a home?

For a home with a purchase price of $700,000, you must calculate your minimum down payment by adding up two amounts. The first amount would be 5% on the first $500,000, which is $25,000. The second amount is 10% of the remaining $200,000, which is equal to $20,000.

What is a free down payment calculator?

Free down payment calculator to find the amount of upfront cash needed, down payment percentage, or an affordable home price based on 3 potential situations.