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Down Payment Calculator

Calculate down payment needed for home purchase at 3%, 5%, 10%, or 20%. Determine PMI costs, loan amount, and closing costs for different down payment scenarios.

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Property Details

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%
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Typically 2-5% of home price

Total Cash Needed

Total Cash Needed
$69,000
Down Payment
$60,000
20% of home price
Closing Costs
$9,000
Loan Amount
$240,000
Loan-to-Value Ratio
80%

Savings Goal

Monthly Savings Needed
$5,750
To save in 12 months

💡 Recommendations

  • Great! 20%+ down payment avoids PMI
  • Budget extra 1-2% of home price for immediate repairs/maintenance
  • Keep 3-6 months of expenses as emergency fund after purchase
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Understanding Down Payments

A down payment is the upfront cash you pay when purchasing a home. The amount affects your loan size, interest rate, and whether you need PMI.

Down Payment Options

  • 20% Down: No PMI, better rates, lower monthly payments
  • 10-19% Down: PMI required, still good rates
  • 5-9% Down: Higher PMI, higher monthly costs
  • 3-3.5% Down: FHA or conventional minimum, highest PMI

Additional Costs to Budget

  • Closing costs (2-5% of purchase price)
  • Moving expenses
  • Immediate repairs/maintenance
  • Home inspection ($300-500)
  • Earnest money deposit (1-3%)

Frequently Asked Questions

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