🇺🇸 FHA 3.5% · Conventional 20% 🇬🇧 5–25% 🇨🇦 CMHC 5% 🇦🇺 LMI threshold
Down Payment Calculator
Find out exactly how much you need for a down payment — and what happens to your mortgage insurance costs — based on your country and loan type.
Quick Answer
US minimum: 3% (conventional) or 3.5% (FHA). UK: 5%. Canada: 5% (CMHC insurance required). Australia: 5% (LMI required). 20% down avoids mortgage insurance in all countries. On a $400K home, 20% = $80K down eliminates ~$200–$350/month in PMI/CMHC/LMI costs.
Minimum Down Payment & Mortgage Insurance by Country
| Country | Min Down | No Insurance Threshold | Insurance Type |
|---|---|---|---|
| 🇺🇸 US (Conventional) | 3% | 20% | PMI — monthly, cancels at 78% LTV |
| 🇺🇸 US (FHA) | 3.5% | 10%+ | MIP — annual + upfront 1.75% |
| 🇬🇧 UK | 5% | 20% (approx) | No direct equivalent — higher rate risk |
| 🇨🇦 Canada | 5% | 20% | CMHC — upfront lump sum 2.8–4.0% |
| 🇦🇺 Australia | 5% | 20% | LMI — one-time, protects lender |