Tool vs Tool

Down Payment Calculator vs Mortgage Calculator

Compare down payment savings planning with mortgage payment estimation. Use both tools together for a complete home buying financial picture.

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Down Payment Calculator

Calculate how much to save for a down payment and see how it affects your mortgage payments and PMI

Down Payment Calculator

Home Price ($)

Interest Rate (%)

Loan Term (years)

Down Payment

10%($40,000)

0%10%20% (No PMI)35%50%

Down Payment

$40,000

Loan Amount

$360,000

Monthly P&I

$2,275.44

PMI Cost

$225.00

for 109 months

Total Monthly

$2,500.44

Down Payment Comparison

Down %	Down Payment	Loan Amount	Monthly P&I	PMI/mo	Total Monthly	Total Interest	Total Cost
3%	$12,000	$388,000	$2,452.42	$371.83	$2,824.26	$494,873	$948,417
5%	$20,000	$380,000	$2,401.86	$300.83	$2,702.69	$484,669	$925,282
10%Selected	$40,000	$360,000	$2,275.44	$225.00	$2,500.44	$459,160	$883,685
15%	$60,000	$340,000	$2,149.03	$155.83	$2,304.86	$433,651	$845,339
20%No PMI	$80,000	$320,000	$2,022.62	$0	$2,022.62	$408,142	$808,142

PMI Analysis

With 10% down, you will pay PMI of $225.00/month for approximately 109 months until you reach 78% LTV.

Monthly PMI

$225.00

PMI Duration

9y 1m

Total PMI Cost

$24,525

PMI cost by down payment level:

3% down

$53,544

5% down

$40,613

10% down

$24,525

15% down

$11,688

Savings Timeline

Current Savings ($)

Monthly Savings Rate ($)

Down %	Amount Needed	Remaining to Save	Months	Years	Target Date
3%	$12,000	Ready!	0	0	Now
5%	$20,000	$5,000	4	0.3	Jul 2026
10%	$40,000	$25,000	17	1.4	Aug 2027
15%	$60,000	$45,000	30	2.5	Sep 2028
20%	$80,000	$65,000	44	3.7	Nov 2029

Savings Progress

100%

75%

10%

38%

15%

25%

20%

19%

Total Cost Over Loan Life

$948,417

$925,282

10%

$883,685

15%

$845,339

20%

$808,142

Down Payment

Principal

Interest

PMI

This calculator provides estimates for educational purposes only. Actual costs may vary based on lender, location, and credit profile. PMI rates are estimated and may differ from your actual rate. Consult a mortgage professional for precise figures.

Open full Down Payment Calculator page

Mortgage Calculator

Calculate mortgage payments with taxes, insurance, PMI, and amortization

Home Price ($)

Down Payment

Loan Term (years)

Interest Rate (%)

Annual Property Tax ($)

Annual Insurance ($)

Estimated Monthly Payment

$2,236.46

Loan: $280,000 at 6.5% for 30 years

Monthly Breakdown

P&I

$1,769.79

Tax

$350.00

Insurance

$116.67

Payment Breakdown

Monthly

$2,236.46

Principal & Interest79.1%

Property Tax15.6%

Insurance5.2%

Total Cost of Ownership (30 years)

Total Payments

$805,125

Home Price$350,000

Down Payment−$70,000

Total Interest Paid$357,125

Total Taxes & Insurance$168,000

Interest is 127.5% of the loan amount over 30 years.

Down Payment Comparison

Down Payment	Amount	Loan	Monthly P&I	PMI	Total Monthly
5%	$17,500	$332,500	$2,101.63	$138.54	$2,706.83
10%	$35,000	$315,000	$1,991.01	$131.25	$2,588.93
15%	$52,500	$297,500	$1,880.40	$123.96	$2,471.03
20%Current	$70,000	$280,000	$1,769.79	None	$2,236.46

PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender, not the borrower, and is removed once you reach 20% equity.

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$1,769.79	$253.12	$1,516.67	$279,746.88
2	$1,769.79	$254.49	$1,515.30	$279,492.38
3	$1,769.79	$255.87	$1,513.92	$279,236.51
4	$1,769.79	$257.26	$1,512.53	$278,979.25
5	$1,769.79	$258.65	$1,511.14	$278,720.60
6	$1,769.79	$260.05	$1,509.74	$278,460.54
7	$1,769.79	$261.46	$1,508.33	$278,199.08
8	$1,769.79	$262.88	$1,506.91	$277,936.20
9	$1,769.79	$264.30	$1,505.49	$277,671.90
10	$1,769.79	$265.73	$1,504.06	$277,406.16
11	$1,769.79	$267.17	$1,502.62	$277,138.99
12	$1,769.79	$268.62	$1,501.17	$276,870.37
... 345 more rows ...
358	$1,769.79	$1,741.34	$28.45	$3,511.03
359	$1,769.79	$1,750.77	$19.02	$1,760.26
360	$1,769.79	$1,760.26	$9.53	$0.00

Disclaimer: This calculator provides estimates for informational purposes only. Actual payments may vary based on your specific loan terms, credit score, location, and lender requirements. Property taxes and insurance rates vary by location and coverage. PMI rates depend on credit score and loan-to-value ratio. Consult with a qualified mortgage professional for accurate payment information.

Open full Mortgage Calculator page

Detailed Comparison

The Down Payment Calculator and the Mortgage Calculator address two sequential phases of the home buying journey. The Down Payment Calculator helps you determine how much to save for a down payment based on home price, your target percentage (typically 5%, 10%, or 20%), and your savings timeline. It shows how different down payment percentages affect your required savings amount and helps you set a realistic timeline for reaching your goal.

The Mortgage Calculator picks up where the down payment calculator leaves off. Once you know your down payment, it calculates your monthly mortgage payment including principal, interest, property taxes, homeowner's insurance, PMI (for down payments below 20%), and HOA fees. It shows how your down payment size directly affects your monthly payment: a larger down payment means a smaller loan, lower monthly payments, and potentially no PMI requirement.

The connection between these tools is direct and powerful. Every extra dollar in your down payment reduces your loan amount dollar-for-dollar, saves you interest over the life of the loan, and potentially eliminates PMI once you cross the 20% threshold. Running both calculators together shows you exactly how your saving effort today translates to lower payments for the next 15 to 30 years.

When to Use Each Tool

When to Use Down Payment Calculator

Use the Down Payment Calculator when you are in the saving phase of home buying. It helps you set a target down payment amount based on your price range, determine how much to save monthly to reach that target by a specific date, and see how different down payment percentages (5%, 10%, 15%, 20%) change your required savings.

Try Down Payment Calculator

When to Use Mortgage Calculator

Use the Mortgage Calculator when you are ready to estimate monthly payments and compare loan options. It shows the full picture including taxes, insurance, and PMI, so you know your true monthly housing cost — not just the principal and interest that basic calculators show.

Try Mortgage Calculator

Our Verdict

Use the Down Payment Calculator first to plan your savings strategy and set a target date. Then use the Mortgage Calculator with different down payment scenarios to see how your savings effort affects your future monthly payments. The 20% down payment threshold is especially important because it eliminates PMI, often saving $100 to $300 per month on the resulting mortgage.

Use Down Payment Calculator Use Mortgage Calculator

Down Payment Calculator vs Mortgage Calculator

Down Payment Calculator

Down Payment Calculator

Down Payment Comparison

PMI Analysis

Savings Timeline

Total Cost Over Loan Life

Mortgage Calculator

Detailed Comparison

When to Use Each Tool

When to Use Down Payment Calculator

When to Use Mortgage Calculator

Our Verdict

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Down Payment Calculator

Down Payment Comparison

PMI Analysis

Savings Timeline

Total Cost Over Loan Life