The math seems simple: the higher your down payment, the lower your mortgage loan amount will be, and the less you will pay in interest over time. The size of your down payment might also impact your loan eligibility. In most cases, you will need a minimum of at least 3 percent, and many loan types will require 5 percent, or more, down. Most lenders will also require that you pay Private Mortgage Insurance (PMI) if you put down less than 20 percent until your loan-to-value reaches 80 percent. It is a good idea to give yourself a cash cushion so that you will have money available for the unexpected when you purchase a home. Work with your lender to determine how to 'right-size' your down payment.
Down Payment Calculator
Down Payment Calculator
Monthly Payment |
Total PMI |
Total Payments |
|---|---|---|
| $ 1,603.93 | $ 9,019.12 | $ 219,365.66 |
Monthly Payment |
Total PMI |
Total Payments |
|---|---|---|
| $ 1,269.92 | $ 0.00 | $ 217,391.31 |
Over the 10 year evaluation period of the loan, total payments with the 20% down payment will be $1,974.35 lower than if you make the 10% down payment .
| Down Payment One | Down Payment Two | |
|---|---|---|
| Total Interest | $ 119,608.14 | $ 98,535.44 |
| Total PMI | $ 9,019.12 | $ 0.00 |
| Total Principal | $ 58,238.40 | $ 53,855.87 |
| Total Down Payment | $ 32,500.00 | $ 65,000.00 |
| Total Payments | $ 219,365.66 | $ 217,391.31 |
This calculator is intended for informational purposes only and is considered an estimate. The accuracy of this calculator is not guaranteed by General Electric Credit Union (GECU). The calculator and its results do not constitute the advice of, or reflect actual products, services, rates, and/or terms available. Nothing contained in the calculator shall constitute an offer or solicitation of a product or service by GECU. This calculator is not intended to offer any tax, legal, financial, or investment advice. Please consult with qualified advisors to discuss your specific needs.