No Down Payment Mortgage Calculator (Side-by-Side Comparison)

Published on January 5th, 2026

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For many would-be homebuyers, the biggest obstacle is not the monthly payment alone; it’s also saving for the down payment. Renters and first-time buyers are seeking loan programs that allow them to purchase a home with zero down, which often means paying private mortgage insurance (PMI).

This No Down Payment Mortgage Calculator lets you compare estimated monthly payments with and without a down payment, side by side. With just a few inputs, you can see how skipping a down payment — or using a lower down payment — may affect your monthly costs.

How a No Down Payment Mortgage Calculator Helps

Buying with little or no money down can make homeownership feel more accessible, but it comes with higher monthly payments. This calculator helps you pressure-test that tradeoff by letting you:

Compare monthly payments with $0 down versus a traditional down payment
See how PMI might impact your total monthly cost
Adjust interest rates, loan terms, and home price to match real scenarios
Get a clearer sense of affordability before applying for a loan

It is worth noting that most first-time homebuyers did not use the widely cited 20% down payment in 2025. The average for these buyers was only 10%. The goal with the calculator isn’t perfection; it’s clarity. This free tool gives you a realistic starting point.

What’s Included in a Monthly Mortgage Payment

Your estimated monthly mortgage payment usually includes several components, often referred to as PITI:

Principal and interest: The core loan payment based on your loan amount, rate, and term
Property taxes: Local taxes that are typically escrowed into your payment
Homeowner’s insurance: Required coverage to protect the property
Private mortgage insurance (PMI): Common on loans with little or no down payment

This calculator uses national averages to provide a general estimate. Your actual costs may vary based on location, loan type, credit profile, and insurance requirements.

How No Down Payment Loans Affect Your Monthly Cost

Putting no money down reduces the upfront cash needed to buy a home, but it usually increases your monthly payment.

With a $0 down loan, you’re borrowing more, which means:

A higher loan balance
More interest paid over time
PMI is added to your monthly payment in most cases

That doesn’t mean a no down payment mortgage is a bad option. For buyers with stable income, strong credit, or limited savings, it can be a practical way to buy sooner — as long as the monthly payment fits comfortably within your budget.

Some government-backed loan programs, such as VA loans and USDA loans, allow borrowers to avoid paying PMI. For example, the USDA’s Single Family Housing Guaranteed Loan Program doesn’t charge PMI, but you’ll pay guarantee fees. There are also loan programs available for low-income and minority homebuyers.

Loan Term and Interest Rate Still Matter

Even with no down payment, two factors have an outsized impact on your monthly mortgage payment:

Loan term: A 30-year loan keeps payments lower month to month, while a shorter term increases payments but reduces total interest
Interest rate: Small rate changes can significantly shift your payment, especially on higher loan balances

Try running multiple scenarios in the calculator to help you understand how sensitive your payment is to these two variables.

A Helpful First Step — Not a Final Quote

This No Down Payment Mortgage Calculator is designed to give you a fast, side-by-side estimate, not a lender-issued quote. Final numbers will depend on your loan program, credit profile and score, location, and insurance costs.

Use this tool to explore your options, then take the next step by talking with a lender or connecting with a trusted local agent through HomeLight. The right guidance can help you decide whether a no down payment mortgage truly fits your financial picture today — and long term.

More free homebuyer tools from HomeLight:

If you already own a home and are looking for a way to balance a down payment and timing, check out HomeLight’s Buy Before You Sell program. This modern solution unlocks your current equity, streamlining the buy-sell process. You can make a stronger, non-contingent offer on your new home and only move once. Watch this short video to learn more.

At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.