How Much Is 20% Down on a $600K House?

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Putting 20% down on a $600,000 house means writing a check for $120,000. Here’s how different down payment amounts compare.

Down Payment Amounts on a $600K House

Down Payment % Amount Loan Amount PMI Required?
3% $18,000 $582,000 Yes
5% $30,000 $570,000 Yes
10% $60,000 $540,000 Yes
15% $90,000 $510,000 Yes
20% $120,000 $480,000 No
25% $150,000 $450,000 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% ($18,000) $582,000 $3,678 $243 $3,921
5% ($30,000) $570,000 $3,602 $238 $3,840
10% ($60,000) $540,000 $3,413 $225 $3,638
20% ($120,000) $480,000 $3,033 $0 $3,033

Putting 20% down saves $807/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% ($30,000) $570,000 $726,400
10% ($60,000) $540,000 $688,200
20% ($120,000) $480,000 $611,500

20% down saves $114,900 in interest compared to 5% down.

How Long to Save $120,000 for 20% Down

Monthly Savings Time to $120,000
$1,000/month 10 years
$1,500/month 6.7 years
$2,000/month 5 years
$3,000/month 3.3 years
$4,000/month 2.5 years
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