What You Need to Know
💡Why This Calculator Matters
Your down payment size affects monthly payment, interest rate, PMI, and even which loans you qualify for. It's a crucial home-buying decision.
👤Who Needs This
Homebuyers deciding how much to put down, savers setting goals, or anyone comparing down payment scenarios.
🎯Key Insight
20% down isn't required - it just avoids PMI. First-time buyers often put down 6-7% on average.
⚠️Common Mistake
Draining all savings for a down payment. Keep 3-6 months expenses as emergency fund, plus money for closing costs and moving.
✅Pro Tip
Explore down payment assistance programs. Many states, cities, and employers offer grants or low-interest loans for first-time buyers.
📊Real-World Example
Scenario: $350,000 home purchase
10% down ($35,000) vs. 20% down ($70,000)
10% down: $315,000 loan + PMI (~$131/month). 20% down: $280,000 loan, no PMI. But investing that $35,000 difference at 7% could grow to $70,000 in 10 years.
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