Down Payment Calculator
Compare different down payment scenarios and see the impact on monthly payments, PMI, and total costs
Current Scenario Results
Monthly Payment
$2,847
Loan Amount
$320,000
PMI Required
$133/month until 20% equity reached
$133/month until 20% equity reached
Principal & Interest
$2,230
Property Tax
$417
Home Insurance
$100
PMI
$133
Total Monthly Payment
$2,880
Monthly Payment Impact
Down Payment Scenarios Comparison
| Down Payment | Loan Amount | Monthly P&I | PMI | Total Payment | Total Interest |
|---|
Savings Plan to Reach Goal
Target Down Payment
$80,000
Additional Needed
$30,000
Time to Goal
15 months
Target Date
Mar 2026
Down Payment Strategy Tips
🎯 20% Sweet Spot
Putting down 20% eliminates PMI and often gets you better interest rates and loan terms.
💡 Consider Opportunity Cost
Weigh the benefits of a larger down payment against other investment opportunities.
🏦 First-Time Buyer Programs
Many programs allow down payments as low as 3-5% for qualified first-time buyers.
💰 Keep Emergency Fund
Don't use all your savings for down payment. Keep 3-6 months of expenses for emergencies.
📈 PMI Removal Strategy
Plan for PMI removal when you reach 20% equity through payments and appreciation.
🎁 Gift Funds
Many loan programs allow gift funds from family members for down payment assistance.