Down payment by loan type

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Least cash to closeConventional: $21,357

VA and USDA need no down payment for those who qualify. Conventional and FHA need 3% and 3.5% down at least.

Loan	Down payment	Loan amount	Upfront fee	Mortgage insurance	Cash to close, est.
Conventional	$15,000 5%	$285,000	None	$95/mo	$21,357
FHA	$15,000 5%	$289,988	$4,988	$119/mo	$21,372
VA	$15,000 5%	$289,275	$4,275	None	$21,370
USDA	$15,000 5%	$287,850	$2,850	$84/mo	$21,366

VA requires eligibility, and USDA requires an eligible area and income. Where your amount is below a program's minimum, the minimum is used. Monthly mortgage insurance uses an example 6.5% rate and a conventional estimate of 0.4% a year. Cash to close includes typical fees and prepaids.

The same home on four loan types: what each needs down, its upfront fee and mortgage insurance, and the cash to close.

How this tool works

It runs each loan type through the same engine as your Mortgage Plan. Where your down payment is below a program's minimum, it uses the minimum: 3% conventional for first-time buyers, 4% FHA, and none for VA and USDA.

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