Putting 20% down on a $350,000 house means writing a check for $70,000. Here’s how different down payment amounts compare.
Down Payment Amounts on a $350K House
| Down Payment % | Amount | Loan Amount | PMI Required? |
|---|---|---|---|
| 3% | $10,500 | $339,500 | Yes |
| 5% | $17,500 | $332,500 | Yes |
| 10% | $35,000 | $315,000 | Yes |
| 15% | $52,500 | $297,500 | Yes |
| 20% | $70,000 | $280,000 | No |
| 25% | $87,500 | $262,500 | 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% ($10,500) | $339,500 | $2,146 | $142 | $2,288 |
| 5% ($17,500) | $332,500 | $2,102 | $139 | $2,241 |
| 10% ($35,000) | $315,000 | $1,991 | $131 | $2,122 |
| 20% ($70,000) | $280,000 | $1,770 | $0 | $1,770 |
Putting 20% down saves $471/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% ($17,500) | $332,500 | $423,700 |
| 10% ($35,000) | $315,000 | $401,400 |
| 20% ($70,000) | $280,000 | $356,700 |
20% down saves $67,000 in interest compared to 5% down.
How Long to Save $70,000 for 20% Down
| Monthly Savings | Time to $70,000 |
|---|---|
| $500/month | 11.7 years |
| $1,000/month | 5.8 years |
| $1,500/month | 3.9 years |
| $2,000/month | 2.9 years |
| $2,500/month | 2.3 years |
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