Down Payment Comparison
Compare different down payment amounts to see how they affect your monthly payment, PMI costs, and total cash needed at closing.
Last updated October 18, 2026
How our math works
- 30-year fixed-rate loan at 6.75% interest, fully amortizing
- PMI estimated from credit score (740) and LTV when the down payment is under 20% — actual premiums vary by insurer
- Rates shown are interest rates used for estimation only — not APRs and not offers. APR reflects fees and other loan costs and may differ from the interest rate shown.
My scenario
Enter income, debts, price, and rate once. Every calculator pre-fills.
Home Details
$
%
Additional Costs
%
Annual rate as % of home value
$
Credit Score
PMI Savings with 20% Down
$34,756
Total PMI cost avoided by putting 20% down instead of 3%
$13,500
$3,668/mo$90,000
$2,935/mo$733
3% vs 20%$34,756
Total PMI paidDown Payment Options
Compare 5 common down payment scenarios
3% Down
$28,413
$3,668
$34,756
~12.3 yrs5% Down
$37,245
$3,569
$27,235
~11.6 yrs10% Down
$59,326
$3,345
$13,230
~9.3 yrs15% Down
$81,408
$3,161
$6,136
~6.4 yrs20% Down
$103,189
$2,935
$0
Cash vs Annual Cost
Upfront cash required vs first year housing costs
3%: Cash to Close $28,413, Annual Payment $44,016; 5%: Cash to Close $37,245, Annual Payment $42,828; 10%: Cash to Close $59,326, Annual Payment $40,140; 15%: Cash to Close $81,408, Annual Payment $37,932.
PMI Impact Analysis
How PMI affects your total cost at each down payment level
3% Down
$34,756
5% Down
$27,235
10% Down
$13,230
15% Down
$6,136
20% Down = $0 PMI
Key Insights
What these numbers mean for you
3% Down
3% down: Lowest upfront cost ($28,413), but you'll pay $34,756 in PMI over about 12.3 years (147 months) until your balance reaches 78% of the home value
20% Down
20% down: No PMI, saves $733/month, but requires $103,189 upfront
3% Down
PMI gets cheaper as you put more down: at a 740 credit score, the annual rate is 0.65% with 3% down vs 0.25% with 15% down ($236/mo vs $80/mo)
Insight
PMI adds up, but putting down less lets you keep cash for emergencies or investments
3% Down
Cash to close includes itemized closing costs and prepaids (2.9-3.3% of the home price), estimated with the same engine and California defaults as our Closing Costs calculator
The Bottom Line
On a $450,000 home, putting 20% down ($90,000) saves you $34,756 in PMI and $733/month on your payment. However, if you need to preserve cash for emergencies or other investments, a lower down payment may make sense despite the PMI cost.
Here are the exact formulas behind your numbers. No black boxes — just math.
Down Payment Impact
Down Payment Amount
Loan Amount
PMI Threshold
Annual PMI Rate
PMI Duration
Monthly P&I
Cash to Close
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Frequently Asked Questions
No. Conventional loans allow as little as 3% down, FHA 3.5%, and VA/USDA 0% for eligible borrowers. Putting less than 20% down on a conventional loan adds PMI, typically 0.3-1.5% of the loan amount per year, until you reach 20% equity.
More down means a smaller loan, lower payment, less interest, and possibly no PMI. But draining savings leaves no emergency buffer, and that cash might earn more invested. This calculator shows the payment and total-cost impact of each down payment level so you can weigh the trade-off.
PMI applies on conventional loans with less than 20% down, and its rate drops as your down payment rises — 15% down costs much less in PMI than 5% down. PMI cancels automatically at 78% loan-to-value, or on request at 80%.