Down Payment Calculator
Your down payment is one of the biggest financial decisions in the homebuying process. See exactly how putting 3%, 5%, 10%, or 20% down changes your monthly payment and PMI costs -- so you can decide what works best for your situation.
Down Payment Calculator
Compare how different down payment amounts affect your monthly payment and PMI costs.
Key Insight: Putting 20% down on a $350,000 home saves you $26,933.67 in PMI over 11.3 years. That is $198.04/month you could put toward building equity instead.
| Down Payment | Amount | Loan | Monthly P&I | Monthly PMI | Total Monthly | Total PMI Cost |
|---|---|---|---|---|---|---|
3%Lowest upfront | $10,500 | $339,500 | $2,201.99 | $198.04 | $2,400.03 | $26,933.6711y 4m |
5% | $17,500 | $332,500 | $2,156.59 | $193.96 | $2,350.55 | $24,438.7510y 6m |
10% | $35,000 | $315,000 | $2,043.08 | $183.75 | $2,226.83 | $17,823.758y 1m |
20%No PMI! | $70,000 | $280,000 | $1,816.07 | $0 | $1,816.07 | None |
3% Down
Lowest upfront5% Down
10% Down
20% Down
No PMI!Understanding Down Payments & PMI
FHA Loans: 3.5% minimum down payment
FHA loans are backed by the Federal Housing Administration and require only 3.5% down with a credit score of 580+. However, FHA loans require mortgage insurance for the life of the loan (unless you refinance to conventional later).
Conventional Loans: 3% minimum down payment
Conventional loans allow as little as 3% down, but you will pay PMI until you reach 20% equity. The advantage: PMI automatically cancels once your loan balance reaches 78% of the original home value.
PMI: What it costs and when it goes away
Private Mortgage Insurance (PMI) typically costs 0.5% to 1.5% of your loan amount per year. You can request PMI removal once you reach 20% equity through payments or home appreciation. Lenders are required to automatically cancel PMI when your balance hits 78% of the original value.
20% down: The sweet spot for savings
Putting 20% down eliminates PMI entirely, gives you immediate equity, and typically earns you a better interest rate. If 20% feels out of reach, even 10% down significantly reduces your PMI costs and monthly payment.
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