Down Payment Calculator
Calculate your down payment for a home purchase. Compare different down payment scenarios and see how they affect your monthly mortgage payments.
Step 1: Property Details
Understanding Down Payments
A down payment is the initial upfront payment made when purchasing a home. A larger down payment reduces your loan amount, monthly payments, and may eliminate the need for PMI (Private Mortgage Insurance).
Step 2: Loan Details
About Loan Terms
Longer loan terms (like 30 years) result in lower monthly payments but higher total interest paid. Shorter terms (like 15 years) have higher monthly payments but save significantly on interest over the life of the loan.
Down Payment Calculation Results
Estimated Monthly Mortgage Payment
Down Payment Comparison
| Down Payment | Loan Amount | Monthly Payment | Total Interest | PMI Required |
|---|
Payment Breakdown
Mortgage Payment Formula
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where: M = Monthly payment, P = Loan principal, i = Monthly interest rate (annual rate ÷ 12), n = Total number of payments (loan term in years × 12). This formula calculates the fixed monthly payment for a fixed-rate mortgage.
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