Putting 20% down on a $450,000 house means writing a check for $90,000. Here’s how different down payment amounts compare.
Down Payment Amounts on a $450K House
| Down Payment % | Amount | Loan Amount | PMI Required? |
|---|---|---|---|
| 3% | $13,500 | $436,500 | Yes |
| 5% | $22,500 | $427,500 | Yes |
| 10% | $45,000 | $405,000 | Yes |
| 15% | $67,500 | $382,500 | Yes |
| 20% | $90,000 | $360,000 | No |
| 25% | $112,500 | $337,500 | 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% ($13,500) | $436,500 | $2,759 | $182 | $2,941 |
| 5% ($22,500) | $427,500 | $2,702 | $178 | $2,880 |
| 10% ($45,000) | $405,000 | $2,560 | $169 | $2,729 |
| 20% ($90,000) | $360,000 | $2,275 | $0 | $2,275 |
Putting 20% down saves $605/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% ($22,500) | $427,500 | $544,800 |
| 10% ($45,000) | $405,000 | $516,100 |
| 20% ($90,000) | $360,000 | $458,700 |
20% down saves $86,100 in interest compared to 5% down.
How Long to Save $90,000 for 20% Down
| Monthly Savings | Time to $90,000 |
|---|---|
| $1,000/month | 7.5 years |
| $1,500/month | 5 years |
| $2,000/month | 3.8 years |
| $2,500/month | 3 years |
| $3,000/month | 2.5 years |
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