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. Tailored with tips and guidance for Tools tailored for first-time home buyers navigating mortgages, closing costs, and affordability..
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This down payment calculator is specifically designed for Tools tailored for first-time home buyers navigating mortgages, closing costs, and affordability.. Whether you're just getting started or looking to optimize your financial strategy, this calculator provides the insights you need to make informed decisions.
First-Time Home Buyers face unique financial considerations that generic calculators don't address. Use the tips above alongside this down payment calculator to get a complete picture of your financial situation. The calculator is completely free, runs instantly in your browser, and never stores your personal data.
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Compare all plans and annual billingDown 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 | Feb 2027 |
| 10% | $40,000 | $25,000 | 17 | 1.4 | Mar 2028 |
| 15% | $60,000 | $45,000 | 30 | 2.5 | Apr 2029 |
| 20% | $80,000 | $65,000 | 44 | 3.7 | Jun 2030 |
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.