Buying, financing and owning a home
Down Payment Calculator for 3.5% to 20% Down
Compare 3.5%, 5%, 10% and 20% down payments side by side: cash needed at closing, monthly payment, PMI, and how many months it takes to save.
3.5% vs. 5% vs. 10% vs. 20% Down
Side by Side| Down Payment | Amount Down | Closing Costs (3%) | Total Cash Needed | Monthly Payment | Monthly PMI | Months to Save |
|---|---|---|---|---|---|---|
| 3.5% | $14,000 | $12,000 | $26,000 | $3,322 | $209 | 1 mos |
| 5.0% | $20,000 | $12,000 | $32,000 | $3,281 | $206 | 5 mos |
| 10.0% | $40,000 | $12,000 | $52,000 | $3,144 | $195 | 17 mos |
| 20.0% | $80,000 | $12,000 | $92,000 | $2,696 | $0 | 40 mos |
How This Calculator Works
This calculator compares four down payments side by side: 3.5% (the FHA minimum), 5%, 10% and 20% (no PMI). For each one it shows the cash you need up front, which is the down payment plus 3% for closing costs, and how many months it takes to save that much in a savings account paying the APY you enter. The monthly payment assumes a 30-year loan and includes PMI plus estimated property tax (Texas average) and insurance.
Related Calculators
All Mortgage & Home Buying Calculators →Mortgage Calculator
Estimate your monthly payment with property tax, home insurance, PMI and HOA dues, then see the amortization schedule year by year.
Home Affordability
Find out how much house you can afford from your income, debts, down payment and state, using the 28/36 rule.
Refinance Calculator
Compare your current mortgage with a refinance to see your monthly savings, how many months until closing costs pay off, and the net interest saved.
Rent vs. Buy Calculator
Compare the net cost of buying a home with renting and investing the difference, and see the year buying starts to come out ahead.
Closing Costs Calculator
Estimate your closing costs and total cash to close: lender fees, appraisal, title insurance, state transfer tax and prepaid items.
Cost of Living Calculator
Compare housing, groceries, transportation, utilities, healthcare and income tax in two U.S. cities to estimate the salary you would need after a move.