Calculate required down payment amount for a home, monthly mortgage payment, PMI costs, and how long it takes to save your target down payment from scratch.
Home Purchase Details
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💾 Savings Plan
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Down Payment Amount
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Time to Save
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Down Payment
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Loan Amount
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Monthly Mortgage
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Monthly PMI
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Home Price
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Down Payment Amount
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Loan Amount
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Monthly Mortgage (P+I)
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Monthly PMI (if <20%)
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LTV Ratio
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Already Saved
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Still Needed
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Time to Save Goal
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FAQ
How much down payment do I need?
Conventional loans typically require 5-20% down. FHA loans allow 3.5% with a 580+ credit score. VA and USDA loans offer 0% down for qualifying buyers. 20% down eliminates PMI and reduces your monthly payment.
What is PMI?
Private Mortgage Insurance (PMI) is required when your down payment is below 20%. It typically costs 0.5-1.5% of the loan annually (added to your monthly payment). PMI is cancelled once you reach 20% equity.
Is 20% down payment always the best?
Not necessarily. If your investment returns exceed your mortgage rate, putting less down and investing the difference may yield higher net worth. However, 20% down avoids PMI and gives you a lower monthly payment.
What counts toward a down payment?
Down payment funds must typically come from personal savings, gifts from family, or certain grants/assistance programs. Most lenders require a paper trail showing the source of funds.