How Much Is 20% Down on a $300K House?

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Putting 20% down on a $300,000 house means writing a check for $60,000. Here’s how different down payment amounts compare.

Down Payment Amounts on a $300K House

Down Payment % Amount Loan Amount PMI Required?
3% $9,000 $291,000 Yes
5% $15,000 $285,000 Yes
10% $30,000 $270,000 Yes
15% $45,000 $255,000 Yes
20% $60,000 $240,000 No
25% $75,000 $225,000 No

How Down Payment Affects Your Monthly Mortgage

At 6.5% interest on a 30-year fixed mortgage:

Down Payment Loan Amount P&I Payment PMI (~0.5%) Total Payment
3% ($9,000) $291,000 $1,839 $121 $1,960
5% ($15,000) $285,000 $1,801 $119 $1,920
10% ($30,000) $270,000 $1,706 $113 $1,819
20% ($60,000) $240,000 $1,516 $0 $1,516

Note: PMI is estimated at 0.5% annually. Actual rates vary by credit score and lender.

Putting 20% down saves $324/month compared to 5% down (before taxes and insurance).

Total Interest Paid Over Loan Life

Down Payment Loan Amount Total Interest (30-yr, 6.5%)
5% ($15,000) $285,000 $363,200
10% ($30,000) $270,000 $344,100
20% ($60,000) $240,000 $305,800

20% down saves $57,400 in interest compared to 5% down.

How Long to Save $60,000 for 20% Down

Monthly Savings Time to $60,000
$500/month 10 years
$1,000/month 5 years
$1,500/month 3.3 years
$2,000/month 2.5 years
$2,500/month 2 years

Should You Wait for 20% Down?

Scenario Recommendation
Home prices rising quickly Consider lower down payment
You can invest the difference May build wealth faster
PMI costs are high Prioritize 20% down
You have emergency fund Lower down payment may be OK
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