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Down Payment Calculator
Down Payment Needed
$70,000
Still Needed
$60,000
Time to Save
40 months
Loan Amount
$280,000
PMI Status
No PMI
Savings Progress 14%
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How to Use the Down Payment Calculator
- Enter the home price you're targeting
- Select your down payment percentage
- Input current savings and monthly savings amount
- View how long until you reach your goal
Down Payment Guidelines
- 3-5% - Minimum for conventional/FHA loans
- 10% - Reduces PMI and monthly payment
- 20% - Avoids PMI entirely
- Closing costs - Budget extra 2-5% of price
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Frequently Asked Questions
How much down payment do I need?
Typically 3-20% of the home price. 20% avoids PMI (private mortgage insurance). FHA loans allow as low as 3.5%.
What is PMI?
Private Mortgage Insurance protects lenders when you put less than 20% down. It adds 0.5-1% of loan amount annually.
How long to save for a down payment?
Divide your down payment goal by monthly savings. For $50,000 saving $1,000/month = 50 months (about 4 years).
Should I put 20% down?
20% avoids PMI and reduces monthly payments, but isn't always required. Consider your timeline and opportunity cost.