Down Payment Calculator
Calculate your down payment amount and see how it affects your mortgage payment, interest, and PMI requirements.
Down Payment
$70,000
20% of $350,000
Loan Amount
$280,000
Monthly P&I
$1,770
Total Interest
$357,125
PMI
None
Down Payment Comparison
3%Down: $10,500$2,146/moPMI
5%Down: $17,500$2,102/moPMI
10%Down: $35,000$1,991/moPMI
15%Down: $52,500$1,880/moPMI
20%Down: $70,000$1,770/mo
25%Down: $87,500$1,659/mo
Frequently Asked Questions
How much down payment do I need?+
Conventional loans require 3-20%. FHA loans require 3.5%. VA and USDA loans allow 0% down. Putting 20% down avoids Private Mortgage Insurance (PMI), which adds 0.3-1.5% of the loan annually.
Is a bigger down payment always better?+
Usually yes — it means a smaller loan, lower payments, less interest, and no PMI at 20%. But don't drain your emergency fund. A 10-15% down payment is often a good balance.
What is PMI?+
Private Mortgage Insurance protects the lender if you default. Required when down payment is under 20%. Costs 0.3-1.5% of loan annually ($50-200+/month). Can be removed once you reach 20% equity.