Home / 15% Down Payment
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
Monthly Payment
$2,262
Loan Amount
$340,000
Total Interest
$474,330
Total Cost
$874,330
Payment Breakdown
Down Payment$60,000 (6.9%)
Principal$340,000 (38.9%)
Total Interest$474,330 (54.3%)
Down Payment
$60,000
on $400,000 home
Monthly P&I
$2,262
7% rate, 30yr
PMI Estimate
$198/mo
~0.7% of loan/yr
Total Interest
$474,330
over 30 years
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.