10% Down Payment Mortgage Calculator
A middle-ground option that lowers your PMI costs while keeping your upfront cash requirement reasonable.
= $40,000
Payment Breakdown
Monthly Payment with 10% Down by Home Price
| Home Price | Down Payment | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $150,000 | $15,000 | $135,000 | $898 | $188,337 |
| $200,000 | $20,000 | $180,000 | $1,198 | $251,116 |
| $250,000 | $25,000 | $225,000 | $1,497 | $313,895 |
| $300,000 | $30,000 | $270,000 | $1,796 | $376,674 |
| $350,000 | $35,000 | $315,000 | $2,096 | $439,453 |
| $400,000 | $40,000 | $360,000 | $2,395 | $502,232 |
| $450,000 | $45,000 | $405,000 | $2,694 | $565,011 |
| $500,000 | $50,000 | $450,000 | $2,994 | $627,790 |
| $600,000 | $60,000 | $540,000 | $3,593 | $753,348 |
| $700,000 | $70,000 | $630,000 | $4,191 | $878,906 |
| $750,000 | $75,000 | $675,000 | $4,491 | $941,685 |
| $800,000 | $80,000 | $720,000 | $4,790 | $1,004,464 |
| $900,000 | $90,000 | $810,000 | $5,389 | $1,130,022 |
| $1,000,000 | $100,000 | $900,000 | $5,988 | $1,255,580 |
$400,000 Home with 10% Down — By Rate
| Rate | 15-Year | 30-Year | Interest Saved (15yr) |
|---|---|---|---|
| 5.5% | $2,942 | $2,044 | $206,384 |
| 6% | $3,038 | $2,158 | $230,198 |
| 6.5% | $3,136 | $2,275 | $254,683 |
| 6.75% | $3,186 | $2,335 | $267,162 |
| 7% | $3,236 | $2,395 | $279,791 |
| 7.25% | $3,286 | $2,456 | $292,565 |
| 7.5% | $3,337 | $2,517 | $305,478 |
| 8% | $3,440 | $2,642 | $331,696 |
10% vs 20% Down Payment Comparison
On a $400,000 home at 7% for 30 years:
| 10% Down | 20% Down | Difference | |
|---|---|---|---|
| Down Payment | $40,000 | $80,000 | $40,000 |
| Loan Amount | $360,000 | $320,000 | $40,000 |
| Monthly Payment | $2,395 | $2,129 | $266 |
| Total Interest | $502,232 | $446,428 | $55,804 |
Note: With 10% down, PMI (~$210/mo) is required until you reach 20% equity. This adds to your effective monthly cost.
True Cost with 10% Down on $400,000
Guide to Buying with 10% Down
Putting 10% down on a home means you need $40,000 upfront on a $400,000 home. Here's what to consider:
- You'll pay PMI. With less than 20% down, private mortgage insurance adds roughly $210/month to your costs. This drops off once you reach 20% equity.
- Lower barrier to entry. Saving $40,000 is more achievable than the $80,000 needed for 20% down — you can buy sooner and start building equity.
- Your loan amount is $360,000. A larger loan means more total interest over the life of the mortgage — $502,232 at 7% over 30 years.
- Don't drain your savings. Keep 3-6 months of expenses in reserve after closing. The $40,000 down payment shouldn't leave you cash-strapped for repairs, moving costs, or emergencies.
- Explore assistance programs. Many states and cities offer down payment grants or matched savings programs for first-time buyers — these can supplement your 10% down payment.
- Factor in closing costs. Budget an additional 2-5% ($8,000–$20,000) for closing costs on top of your $40,000 down payment.
Frequently Asked Questions — 10% Down Payment
Is 10% a good down payment?
10% is a solid down payment that shows lenders you're invested. You'll still pay PMI, but it's manageable and drops off once you reach 20% equity.
How much is 10% down on a $400,000 home?
10% of $400,000 is $40,000. Your loan amount would be $360,000, with a monthly payment of $2,395 at 7% for 30 years.
Do I need PMI with 10% down?
Yes — PMI is required when putting less than 20% down. On a $360,000 loan, expect roughly $210/month in PMI. You can request PMI removal once your equity reaches 20%.
How does 10% down compare to 20% down?
With 10% down, your monthly payment is $266 higher than 20% down, and you'll pay $55,804 more in total interest. You also need to budget for PMI.
What loan types accept 10% down?
All loan types accept this down payment level. Conventional loans are most common at 10%+. Compare loan types to find the best fit for your credit profile.
Should I save more or buy now with 10% down?
10% is a reasonable middle ground. If saving to 20% would take years, the cost of waiting (rising prices, missed equity growth) may exceed the PMI savings.
How long does it take to save 10% for a $400,000 home?
Saving $40,000 depends on your income and savings rate. At $1,000/month saved, it takes about 40 months (3.3 years). At $2,000/month, roughly 20 months.
Can I use gift money for my 10% down payment?
Yes — most loan types allow gift funds for down payments. Conventional loans may require you to contribute some of your own funds if putting less than 20% down. FHA and VA loans allow 100% of the down payment to come from gifts. You'll need a gift letter from the donor.