Putting 20% down on a $500,000 house means writing a check for $100,000. Here’s how different down payment amounts compare.
Down Payment Amounts on a $500K House
| Down Payment % | Amount | Loan Amount | PMI Required? |
|---|---|---|---|
| 3% | $15,000 | $485,000 | Yes |
| 5% | $25,000 | $475,000 | Yes |
| 10% | $50,000 | $450,000 | Yes |
| 15% | $75,000 | $425,000 | Yes |
| 20% | $100,000 | $400,000 | No |
| 25% | $125,000 | $375,000 | 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% ($15,000) | $485,000 | $3,065 | $202 | $3,267 |
| 5% ($25,000) | $475,000 | $3,002 | $198 | $3,200 |
| 10% ($50,000) | $450,000 | $2,844 | $188 | $3,032 |
| 20% ($100,000) | $400,000 | $2,528 | $0 | $2,528 |
Putting 20% down saves $672/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% ($25,000) | $475,000 | $605,300 |
| 10% ($50,000) | $450,000 | $573,500 |
| 20% ($100,000) | $400,000 | $509,600 |
20% down saves $95,700 in interest compared to 5% down.
How Long to Save $100,000 for 20% Down
| Monthly Savings | Time to $100,000 |
|---|---|
| $1,000/month | 8.3 years |
| $1,500/month | 5.6 years |
| $2,000/month | 4.2 years |
| $2,500/month | 3.3 years |
| $3,500/month | 2.4 years |
Related Guides
- Down payment on a $400K house
- Down payment on a $600K house
- $500K mortgage monthly payment
- Income needed for $500K house
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