20 Percent Down Calculator
Down payment sets loan size, PMI, and sometimes rate tier. This page helps you see how 3%, 5%, 10%, and 20% down change the loan you carry—not just the check you write at closing.
Quick answer
Enter price and down payment percent. Loan amount = price × (1 − down %). Payment falls as down payment rises because principal and PMI exposure often shrink together.
For a related estimate, see Biweekly Mortgage Calculator.
Explore further: Closing Cost Calculator · Debt To Income Calculator
How to use this calculator
- Try common thresholds: 5%, 10%, 15%, 20%—20% is a common PMI avoidance point on many conventional loans (not universal).
- Pair with rate: Some lenders price better at lower LTV—if you have a rate sheet, test it.
- Remember closing costs: Down payment is not the only cash need—keep reserves beyond the minimum.
LTV in one line
Loan-to-value ≈ loan ÷ price. Lower LTV generally means less lender risk and often better terms—exact PMI rules depend on program.
Explore further: Down Payment Calculator · Home Affordability With Taxes
Real-world example
- Example: $450k home, 10% vs 20% down: 10% → $405k loan; 20% → $360k loan. That $45k smaller loan cuts P&I roughly $300+/mo at 6.75% / 30-year before PMI effects (illustrative).
Explore further: Home Loan Calculator · House Down Payment Calculator
What this means
Crossing 20% down on many conventional loans removes PMI from the monthly stack—that single step often beats hunting a 0.25% rate improvement on a smaller down payment.
FAQ
Is 20% down always required?
No—many programs allow less. Below 20% conventional often carries PMI until equity builds.
Do gifts count toward down payment?
Often yes with documentation—your lender defines acceptable sources.
Is this a loan commitment?
No. Outputs are educational estimates. Final payments, APR, and fees come from your lender’s disclosures.
Why does my amortization schedule differ slightly?
Rounding, day-count conventions, and first-payment timing shift pennies. Use the schedule for directionally correct totals.