Shared Appreciation Down Payment Loan Calculator
Some down payment programs don't charge interest. Instead, when you sell or refinance, you pay back what you borrowed plus a share of your home's gain in value. Use this calculator to see what that could cost you in dollars before you sign. Everything runs in your browser and nothing is saved.
The math follows Kentucky Housing Corporation's Shared Appreciation Mortgage ↗: you repay the original loan plus KHC's proportionate share of any appreciation, and if the home doesn't gain value you repay only the original amount. Home price growth is your assumption, so every result is a projection, not a quote.
Is shared appreciation the cheapest option for you?
Often it isn't, if you qualify for something else. A grant or a forgivable loan usually costs nothing if you stay long enough. A shared appreciation loan can still make sense when you need a much larger amount than other programs offer, because a bigger down payment lowers your first mortgage and can remove private mortgage insurance. When the program's share equals your loan ÷ price (KHC's rule), the math works out so the loan's effective yearly cost equals your home's yearly price growth: 0% if values stay flat, more in a fast-rising market. Compare the "effective yearly cost" above with what other options in your state charge, and talk with a HUD-approved housing counselor ↗ before you choose.
Programs that share appreciation
These verified programs repay with a share of the home's value gain. Each formula differs; open the program for its official terms.
- Downpayment Assistance Loan Program (DALP) · City and County of San Francisco · San Francisco Mayor's Office of Housing and Community Development (MOHCD)
Up to $500,000. Checked Nov 3, 2026. - Low Income Purchase Assistance (LIPA) · City of Los Angeles · Los Angeles Housing Department (LAHD)
Up to $161,000. Checked Nov 3, 2026. - Shared Appreciation Mortgage (SAM) · Kentucky · Kentucky Housing Corporation (KHC)
Up to 25% of the purchase price or appraised value. Checked Nov 3, 2026. - Moderate-Income Purchase Assistance Program (MIPAP) · Arlington County · Arlington County Housing Division
Up to 25% of the purchase price (capped at $120,000 for 1-3 persons; $130,000 for 4+). Checked Nov 3, 2026. - California Dream For All Shared Appreciation Loan · California · California Housing Finance Agency (CalHFA) · Closed
Up to 20% of the purchase price, not to exceed $150,000. Checked Nov 3, 2026.
Sources
- KHC: Shared Appreciation Mortgage (SAM) ↗
- KHC news release, July 27, 2026: SAM program launch ↗
- KHC FAQ: When do I have to repay the SAM? ↗
- City of Lexington, Oct. 27, 2026: Mayor proposes mortgage assistance plan ↗
Related: Kentucky programs · deferred down payment loans · how much assistance could you get? · cash-to-close calculator
Educational estimate only, not a loan offer, appraisal or financial advice. Your loan documents control. Projections use the price change you enter; real home values can rise or fall.
Common questions
What is a shared appreciation down payment loan?
It is a second mortgage, usually at 0% interest with no monthly payments, that covers part of your down payment and closing costs. Instead of interest, you repay the original amount plus a share of any increase in your home's value when you sell, refinance, pay off the first mortgage or another trigger event happens.
How is Kentucky Housing Corporation's share of appreciation figured?
KHC says its Shared Appreciation Mortgage lends up to 25% of the purchase price or appraised value, and in exchange KHC receives a corresponding share (up to 25%) of the home's future appreciation. So a loan equal to 20% of the price means KHC's share is 20% of the gain. The full program guide is in KHC's AllRegs; confirm the exact terms with a KHC SAM-approved lender.
What if my home loses value?
Under KHC's program, if the home doesn't increase in value there is no appreciation to share and you repay only the original SAM amount. KHC also warns that if you sell at a loss you still owe the full SAM principal, even if the sale doesn't cover both loans.
When do I have to repay KHC's SAM?
KHC lists these triggers: transfer of title, sale of the property, payoff of the first mortgage, payoff of the subordinate loan principal balance, a refinance of the first mortgage (except one permitted rate and term refinance), or the filing and recording of a notice of default.
Is there a Lexington, Kentucky shared appreciation program?
On October 27, 2026, Lexington Mayor Linda Gorton proposed Shared Appreciation Mortgage loans in partnership with Kentucky Housing Corporation, with $1 million set aside, enough for about 15 to 20 first-time buyers. The city says loans would be up to 25% of the price with no interest or monthly payments, for households at or below 80% of median income buying in Fayette County, and a homeownership counseling class is required. It is a proposal; ask a lender in KHC's program for current availability.
Is this calculator private?
Yes. It runs in your browser, and nothing you type is sent anywhere, and your answers are saved only on this device.
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