15% Down Payment Mortgage Calculator
Close to the PMI elimination threshold. Lower monthly PMI costs and a solid equity position from day one.
= $60,000
Payment Breakdown
Monthly Payment with 15% Down by Home Price
| Home Price | Down Payment | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $150,000 | $22,500 | $127,500 | $848 | $177,874 |
| $200,000 | $30,000 | $170,000 | $1,131 | $237,165 |
| $250,000 | $37,500 | $212,500 | $1,414 | $296,456 |
| $300,000 | $45,000 | $255,000 | $1,697 | $355,748 |
| $350,000 | $52,500 | $297,500 | $1,979 | $415,039 |
| $400,000 | $60,000 | $340,000 | $2,262 | $474,330 |
| $450,000 | $67,500 | $382,500 | $2,545 | $533,622 |
| $500,000 | $75,000 | $425,000 | $2,828 | $592,913 |
| $600,000 | $90,000 | $510,000 | $3,393 | $711,495 |
| $700,000 | $105,000 | $595,000 | $3,959 | $830,078 |
| $750,000 | $112,500 | $637,500 | $4,241 | $889,369 |
| $800,000 | $120,000 | $680,000 | $4,524 | $948,661 |
| $900,000 | $135,000 | $765,000 | $5,090 | $1,067,243 |
| $1,000,000 | $150,000 | $850,000 | $5,655 | $1,185,826 |
$400,000 Home with 15% Down — By Rate
| Rate | 15-Year | 30-Year | Interest Saved (15yr) |
|---|---|---|---|
| 5.5% | $2,778 | $1,930 | $194,919 |
| 6% | $2,869 | $2,038 | $217,409 |
| 6.5% | $2,962 | $2,149 | $240,534 |
| 6.75% | $3,009 | $2,205 | $252,319 |
| 7% | $3,056 | $2,262 | $264,247 |
| 7.25% | $3,104 | $2,319 | $276,312 |
| 7.5% | $3,152 | $2,377 | $288,507 |
| 8% | $3,249 | $2,495 | $313,269 |
15% vs 20% Down Payment Comparison
On a $400,000 home at 7% for 30 years:
| 15% Down | 20% Down | Difference | |
|---|---|---|---|
| Down Payment | $60,000 | $80,000 | $20,000 |
| Loan Amount | $340,000 | $320,000 | $20,000 |
| Monthly Payment | $2,262 | $2,129 | $133 |
| Total Interest | $474,330 | $446,428 | $27,902 |
Note: With 15% down, PMI (~$198/mo) is required until you reach 20% equity. This adds to your effective monthly cost.
True Cost with 15% Down on $400,000
Guide to Buying with 15% Down
Putting 15% down on a home means you need $60,000 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 $198/month to your costs. This drops off once you reach 20% equity.
- Lower barrier to entry. Saving $60,000 is more achievable than the $80,000 needed for 20% down — you can buy sooner and start building equity.
- Your loan amount is $340,000. A larger loan means more total interest over the life of the mortgage — $474,330 at 7% over 30 years.
- Don't drain your savings. Keep 3-6 months of expenses in reserve after closing. The $60,000 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 15% down payment.
- Factor in closing costs. Budget an additional 2-5% ($8,000–$20,000) for closing costs on top of your $60,000 down payment.
Frequently Asked Questions — 15% Down Payment
Is 15% a good down payment?
15% 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 15% down on a $400,000 home?
15% of $400,000 is $60,000. Your loan amount would be $340,000, with a monthly payment of $2,262 at 7% for 30 years.
Do I need PMI with 15% down?
Yes — PMI is required when putting less than 20% down. On a $340,000 loan, expect roughly $198/month in PMI. You can request PMI removal once your equity reaches 20%.
How does 15% down compare to 20% down?
With 15% down, your monthly payment is $133 higher than 20% down, and you'll pay $27,902 more in total interest. You also need to budget for PMI.
What loan types accept 15% 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 15% down?
15% 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 15% for a $400,000 home?
Saving $60,000 depends on your income and savings rate. At $1,000/month saved, it takes about 60 months (5.0 years). At $2,000/month, roughly 30 months.
Can I use gift money for my 15% 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.