Calculators

How much do you need for a down payment?

Move the slider and watch what actually changes — the cash you bring, the loan you carry, and whether mortgage insurance enters the picture. You do not need 20% down to buy a home in Utah.

$450,000
5%
6.5%
0.5%

Cash down

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Loan amount: —

Principal & interest: —

Mortgage insurance: —

Monthly, both together: —

See what you qualify for

Estimate only, built from the figures you entered — the down payment, rate, and mortgage insurance rate above are values you chose to test, not terms offered, advertised, or quoted by EMK Mortgages. Mortgage insurance is priced individually and varies by program, credit, and loan-to-value; the 80% threshold described here is the general conventional pattern and other programs work differently. Excludes taxes, insurance, HOA dues, and closing costs.

How this works

The 20% number is a threshold, not a price of entry

Twenty percent buys you one specific thing on a conventional loan: it is the point where mortgage insurance generally stops being required. It has never been the minimum to buy a home, and treating it as one is the reason a lot of people who could already qualify are still renting while they save toward a number nobody asked them for.

What a smaller down payment actually costs you is visible above: a larger loan, more interest across the life of it, and mortgage insurance until you cross the threshold. What it buys you is time — years of it, in some cases — and the ability to keep cash for closing costs and the things that break in the first year. Neither answer is right for everyone, which is the whole reason this is a slider and not a recommendation.

Do you need 20% down to buy a house?
No. This is the single most persistent myth in home buying, and it stops people who could already qualify. Twenty percent is the threshold where a conventional loan generally stops requiring mortgage insurance — it is not a minimum to buy. Conventional loans go well below it, FHA and VA and USDA each have their own rules, and Utah has down payment assistance programs on top of that. The honest trade-off is that less down means a larger loan and usually mortgage insurance for a while, which is exactly what the slider above lets you see.
How much of a down payment do I need for a $300,000 house?
It depends entirely on the loan program, not on a rule of thumb — which is why we would rather show you the mechanics than quote a number. Set the price above and move the slider: you will see the cash required, the loan you would be carrying, and whether you land above or below the 20% mark. Then talk to us about which programs you actually qualify for, because that is what sets the real floor.
What is PMI, and when does it go away?
Private mortgage insurance protects the lender, not you, and it is generally required on a conventional loan when you borrow more than 80% of the value. It is not permanent. As you pay the balance down you can usually request removal once you reach 80% loan-to-value, and it typically terminates automatically at 78% under federal rules. Rising home values can get you there sooner than the payment schedule alone.
Is FHA mortgage insurance the same as PMI?
No, and the difference matters more than most people expect. FHA loans carry their own mortgage insurance premium with its own rules, including an upfront premium and — depending on your down payment — an annual premium that can last the life of the loan rather than dropping off at 80%. That is one of the real trade-offs between FHA and conventional. This tool models the conventional pattern only; ask us to run both side by side for your situation.
Is a bigger down payment always better?
Not automatically. More down means a smaller loan, less interest over time, and possibly no mortgage insurance — real advantages. But it also means less cash left for closing costs, moving, repairs, and an emergency fund, and cash sunk into equity is hard to reach again without borrowing. Emptying your savings to avoid mortgage insurance that would have dropped off in a few years is a trade a lot of buyers regret. It is worth talking through rather than defaulting to the biggest number you can manage.

Which program you use changes the floor entirely. If this is your first home, first-time buyer programs and Utah down payment assistance are the place to start. Veterans and active military should look at VA loans, and FHA loans follow a different mortgage-insurance regime worth comparing directly. Once you have a number in mind, check what price range it supports and what you will need at the closing table on top of it.

Keep exploring

More calculators

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How much can I afford?

See a realistic price range from your income, monthly debts, and down payment.

Rent vs. buy

Compare renting and buying over the time you plan to stay in the home.

Refinance savings

Test a new rate and term against your current loan — monthly change and breakeven.

Extra-payment payoff

See how extra payments shorten your loan and cut total interest.

Closing costs

Price each closing cost line yourself and see the total cash you need at the table.

Find out what you actually qualify for

The real floor depends on the program, and that is a short conversation rather than a guess.

Talk to Emily & Leif