💵 Down Payment Calculator

Down Payment = Home Price − Loan Amount Down Payment % = Down Payment / Home Price The down payment is your upfront equity in the home. It reduces your loan amount, monthly payment and total interest paid over the life of the loan.

Conventional: 3% minimum (5% common) 20% avoids PMI entirely FHA Loan: 3.5% (credit score 580+) 10% (credit score 500-579) VA Loan: 0% (eligible veterans/military) USDA Loan: 0% (eligible rural areas) Jumbo Loan: 10-20% (varies by lender) Note: Higher down = better rate in most cases.

Required when: Down payment less than 20% Annual cost: 0.5% to 1.5% of loan amount Monthly PMI = Loan Amount x PMI Rate / 12 Example: $360,000 loan at 0.75% PMI Monthly PMI = $360,000 x 0.75% / 12 = $225/month PMI Cancellation: Auto-cancel: When LTV reaches 78% of original value Request cancel: At 80% LTV with good payment history FHA MIP: Required for life of loan if down < 10%

Monthly savings needed to reach goal in N months: S = (Goal - CurrentSavings) / N (simplified, no interest) With compound interest (monthly): Future Value = P(1+r)^n + PMT x [(1+r)^n - 1] / r Where: P = current savings r = monthly rate (APY/12) n = months PMT = monthly contribution

$450,000 home example: 5% Down 20% Down Down Payment: $22,500 $90,000 Loan Amount: $427,500 $360,000 Monthly P&I: $2,773 $2,337 (6.75%, 30yr) Monthly PMI: $267 $0 Total Monthly: $3,040 $2,337 PMI Duration: ~7.5 years None Total PMI paid: ~$24,030 $0 Putting more down saves ~$703/month initially. But $67,500 extra invested at 7% = $134K in 10 years.