Putting 20% down on a $700,000 house means writing a check for $140,000. Here’s how different down payment amounts compare.
Down Payment Amounts on a $700K House
| Down Payment % | Amount | Loan Amount | PMI Required? |
|---|---|---|---|
| 3% | $21,000 | $679,000 | Yes |
| 5% | $35,000 | $665,000 | Yes |
| 10% | $70,000 | $630,000 | Yes |
| 15% | $105,000 | $595,000 | Yes |
| 20% | $140,000 | $560,000 | No |
| 25% | $175,000 | $525,000 | 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% ($21,000) | $679,000 | $4,291 | $283 | $4,574 |
| 5% ($35,000) | $665,000 | $4,203 | $277 | $4,480 |
| 10% ($70,000) | $630,000 | $3,982 | $263 | $4,245 |
| 20% ($140,000) | $560,000 | $3,540 | $0 | $3,540 |
Putting 20% down saves $940/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% ($35,000) | $665,000 | $847,500 |
| 10% ($70,000) | $630,000 | $802,900 |
| 20% ($140,000) | $560,000 | $713,500 |
20% down saves $134,000 in interest compared to 5% down.
How Long to Save $140,000 for 20% Down
| Monthly Savings | Time to $140,000 |
|---|---|
| $1,500/month | 7.8 years |
| $2,000/month | 5.8 years |
| $2,500/month | 4.7 years |
| $3,000/month | 3.9 years |
| $4,000/month | 2.9 years |
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