Down Payment Calculator
Calculate your ideal down payment for a home purchase. Compare 3%, 5%, 10%, and 20% scenarios with PMI costs and monthly payment differences to find the best strategy.
Down Payment Calculator
Down Payment
$40,000
Loan Amount
$360,000
Monthly P&I
$2,275.44
PMI Cost
$225.00
for 109 months
Total Monthly
$2,500.44
Down Payment Comparison
| Down % | Down Payment | Loan Amount | Monthly P&I | PMI/mo | Total Monthly | Total Interest | Total Cost |
|---|---|---|---|---|---|---|---|
3% | $12,000 | $388,000 | $2,452.42 | $371.83 | $2,824.26 | $494,873 | $948,417 |
5% | $20,000 | $380,000 | $2,401.86 | $300.83 | $2,702.69 | $484,669 | $925,282 |
10%Selected | $40,000 | $360,000 | $2,275.44 | $225.00 | $2,500.44 | $459,160 | $883,685 |
15% | $60,000 | $340,000 | $2,149.03 | $155.83 | $2,304.86 | $433,651 | $845,339 |
20%No PMI | $80,000 | $320,000 | $2,022.62 | $0 | $2,022.62 | $408,142 | $808,142 |
PMI Analysis
With 10% down, you will pay PMI of $225.00/month for approximately 109 months until you reach 78% LTV.
Monthly PMI
$225.00
PMI Duration
9y 1m
Total PMI Cost
$24,525
PMI cost by down payment level:
3% down
$53,544
5% down
$40,613
10% down
$24,525
15% down
$11,688
Savings Timeline
| Down % | Amount Needed | Remaining to Save | Months | Years | Target Date |
|---|---|---|---|---|---|
| 3% | $12,000 | Ready! | 0 | 0 | Now |
| 5% | $20,000 | $5,000 | 4 | 0.3 | Jul 2026 |
| 10% | $40,000 | $25,000 | 17 | 1.4 | Aug 2027 |
| 15% | $60,000 | $45,000 | 30 | 2.5 | Sep 2028 |
| 20% | $80,000 | $65,000 | 44 | 3.7 | Nov 2029 |
Savings Progress
Total Cost Over Loan Life
This calculator provides estimates for educational purposes only. Actual costs may vary based on lender, location, and credit profile. PMI rates are estimated and may differ from your actual rate. Consult a mortgage professional for precise figures.
How to Use Down Payment Calculator
- 1Enter the home price.
- 2Set your target down payment percentage.
- 3View monthly mortgage and PMI costs.
- 4Compare different down payment scenarios.
Frequently Asked Questions
How much down payment do I need for a house?▾
While 20% avoids PMI, many programs allow 3-5% down. FHA requires 3.5%, VA and USDA loans offer 0% down for qualified buyers.
Is it better to put 20% down?▾
Putting 20% down eliminates PMI ($100-300/month), reduces your loan amount, and often gets you a better interest rate. However, it means more cash tied up in the home.
What is PMI and how much does it cost?▾
Private Mortgage Insurance costs 0.5-1.5% of the loan amount annually. On a $300,000 loan, that's $125-375/month until you reach 20% equity.
About Down Payment Calculator
Calculate your ideal down payment for a home purchase. Compare 3%, 5%, 10%, and 20% scenarios with PMI costs and monthly payment differences to find the best strategy.
NexTool's Down Payment Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.
Related Tools
Stay Updated
Get notified about new tools, features, and exclusive deals. No spam, ever.