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.
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While 20% avoids PMI, many programs allow 3-5% down. FHA requires 3.5%, VA and USDA loans offer 0% down for qualified buyers.
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.
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.
The Down Payment Calculator is a free online tool that lets you calculate how much to save for a down payment and see how it affects your mortgage payments and pmi. It is part of NexTool's collection of free tools designed to help you work faster and more efficiently.
Yes, the Down Payment Calculator is 100% free to use with no limitations. There is no registration required, no daily usage caps, and no hidden fees. You can use it as many times as you need.
The Down Payment Calculator uses industry-standard formulas and algorithms to deliver reliable results. While the tool is designed for accuracy, results should be used as estimates and guidance. For critical decisions, always consult a qualified professional.
Yes, the Down Payment Calculator is fully responsive and works perfectly on smartphones, tablets, and desktop computers. Simply open NexTool in your mobile browser and navigate to the tool — no app download required.
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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.
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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 % | 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 |
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
| 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
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.