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Mortgage Down Payment Calculator

How Much of a Down Payment Should I Make on My New Home?

Use this calculator to compare up to three different mortgage down payment options to find the one that works best for you. The amount required as a down payment can have a significant impact on monthly payments and overall interest paid. With many mortgage lenders, and different mortgage types requiring varying amounts for a down payment, this calculator can help you understand the implications of each percentage. A larger down payment reduces the loan amount and can reduce the interest rate.

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Down Payment Calculator Key Terms

  • Origination and Discount Points: Origination points are fees some lenders may charge for evaluating and processing a mortgage. Discount points usually translate to a lower mortgage interest rate, and one point generally equals 1% of the mortgage.
  • Mortgage Type: The two main types of mortgages, ARM and Fixed-Rate have some differences. Fixed-Rate mortgages have an interest rate that is fixed throughout the term of the loan. An ARM (Adjustable-Rate Mortgage) typically has an interest rate that periodically changes, usually on an annual basis.
Have questions about terms not covered? We have a glossary with more terms for you.

Our financial calculators are provided as a free service to our Members. The information these calculators supply is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit, or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and illustrative and do not intend to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends finding a qualified professional for advice about your personal finance issues.