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Down Payment Calculator
Calculate down payment requirements and total upfront costs for your home purchase
Down Payment
$70,000
20.00% of home price
Total Upfront
$86,750
Including all costs
Monthly Payment
$2,220
Principal, interest, taxes, insurance
Need to Save
$46,750
2 years, 8 months
Home Purchase Details
$70,000
Affects loan options and rates
Loan Summary
Loan Amount: $280,000
Loan-to-Value: 80.00%
PMI Required: No
💡 Recommendations
Credit Score Impact: Excellent credit qualifies you for the best rates
Minimum Down: 3% Ideal: 20%
- • 20% down eliminates PMI completely
- • You qualify for the best loan terms available
Cost Breakdown
💰 Upfront Costs
Down Payment: $70,000
Closing Costs:
Base closing costs: $8,750
Home inspection: $500
Appraisal: $500
Title insurance: $1,200
Attorney fees: $800
Total closing: $11,750
Moving costs: $2,000
Initial repairs: $3,000
Total Upfront Costs: $86,750
+ Emergency fund: $10,000
Recommended Cash: $96,750
📅 Monthly Payments
Principal & Interest: $1,770
Property tax: $350
Home insurance: $100
Total Monthly: $2,220
⚙️ Adjust Additional Costs
Savings Plan
📊 Current Progress
Progress to goal: 51.68%
Current savings: $50,000
Monthly savings:
Target cash needed: $96,750
Still need: $46,750
⏰ Savings Timeline
Ready for down payment: 1 years, 2 months
Ready with all costs: 2 years, 8 months
Target purchase date: 2/8/2028
💡 Savings Tips
- • Set up automatic transfers to savings account
- • Consider high-yield savings account for down payment fund
- • Look into first-time buyer programs in your area
- • Track expenses to find areas to cut back
- • Consider side income to boost savings rate
- • Avoid new debt while saving for home purchase
🎯 Savings Goal
2 years, 10 months to reach goal
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | Monthly P&I | Monthly PMI | Total Monthly | LTV |
|---|---|---|---|---|---|---|
| 5% | $17,500 | $332,500 | $2,102 | $139 | $2,690 | 95.00% |
| 10% | $35,000 | $315,000 | $1,991 | $131 | $2,572 | 90.00% |
| 15% | $52,500 | $297,500 | $1,880 | $124 | $2,454 | 85.00% |
| 20% | $70,000 | $280,000 | $1,770 | None | $2,220 | 80.00% |
| 25% | $87,500 | $262,500 | $1,659 | None | $2,109 | 75.00% |
Down Payment Guide
Down Payment Options
- • 3% down: Conventional loans for qualified buyers
- • 3.5% down: FHA loans (credit score 580+)
- • 0% down: VA loans (veterans), USDA (rural areas)
- • 10% down: Good balance of monthly payment and upfront cost
- • 20% down: Avoids PMI, best rates, lower monthly payment
Important Considerations
- • PMI is required for conventional loans with less than 20% down
- • Larger down payments mean smaller monthly payments
- • Keep emergency fund separate from down payment savings
- • Factor in closing costs (2-5% of home price)
- • Consider your debt-to-income ratio for loan approval