20% Down Payment Mortgage Calculator
The traditional standard. Eliminates PMI entirely, giving you the lowest possible monthly payment for your rate.
= $80,000
Payment Breakdown
Monthly Payment with 20% Down by Home Price
| Home Price | Down Payment | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $150,000 | $30,000 | $120,000 | $798 | $167,411 |
| $200,000 | $40,000 | $160,000 | $1,064 | $223,214 |
| $250,000 | $50,000 | $200,000 | $1,331 | $279,018 |
| $300,000 | $60,000 | $240,000 | $1,597 | $334,821 |
| $350,000 | $70,000 | $280,000 | $1,863 | $390,625 |
| $400,000 | $80,000 | $320,000 | $2,129 | $446,428 |
| $450,000 | $90,000 | $360,000 | $2,395 | $502,232 |
| $500,000 | $100,000 | $400,000 | $2,661 | $558,036 |
| $600,000 | $120,000 | $480,000 | $3,193 | $669,643 |
| $700,000 | $140,000 | $560,000 | $3,726 | $781,250 |
| $750,000 | $150,000 | $600,000 | $3,992 | $837,053 |
| $800,000 | $160,000 | $640,000 | $4,258 | $892,857 |
| $900,000 | $180,000 | $720,000 | $4,790 | $1,004,464 |
| $1,000,000 | $200,000 | $800,000 | $5,322 | $1,116,071 |
$400,000 Home with 20% Down — By Rate
| Rate | 15-Year | 30-Year | Interest Saved (15yr) |
|---|---|---|---|
| 5.5% | $2,615 | $1,817 | $183,453 |
| 6% | $2,700 | $1,919 | $204,621 |
| 6.5% | $2,788 | $2,023 | $226,385 |
| 6.75% | $2,832 | $2,076 | $237,477 |
| 7% | $2,876 | $2,129 | $248,703 |
| 7.25% | $2,921 | $2,183 | $260,058 |
| 7.5% | $2,966 | $2,237 | $271,536 |
| 8% | $3,058 | $2,348 | $294,841 |
True Cost with 20% Down on $400,000
Guide to Buying with 20% Down
Putting 20% down on a home means you need $80,000 upfront on a $400,000 home. Here's what to consider:
- No PMI required. With 20% down, you skip private mortgage insurance entirely, saving you $187/month compared to a typical PMI payment.
- Better rate potential. Lenders view larger down payments as lower risk, potentially offering you better rates.
- Your loan amount is $320,000. A smaller loan means less total interest over the life of the mortgage — $446,428 at 7% over 30 years.
- Don't drain your savings. Keep 3-6 months of expenses in reserve after closing. The $80,000 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 20% down payment.
- Factor in closing costs. Budget an additional 2-5% ($8,000–$20,000) for closing costs on top of your $80,000 down payment.
Frequently Asked Questions — 20% Down Payment
Is 20% a good down payment?
Yes — 20% down eliminates PMI and gives you immediate equity. It's above the conventional threshold that most financial advisors recommend.
How much is 20% down on a $400,000 home?
20% of $400,000 is $80,000. Your loan amount would be $320,000, with a monthly payment of $2,129 at 7% for 30 years.
Do I need PMI with 20% down?
No — with 20% down, you've exceeded the 20% threshold and won't pay private mortgage insurance.
How does 20% down compare to 20% down?
20% down is the standard benchmark — it eliminates PMI, gives you meaningful equity from day one, and qualifies you for the best rates.
What loan types accept 20% 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 20% down?
With 20% down, you're in strong shape. Buying now locks in current prices and rates. Just ensure you maintain 3-6 months of cash reserves after closing.
How long does it take to save 20% for a $400,000 home?
Saving $80,000 depends on your income and savings rate. At $1,000/month saved, it takes about 80 months (6.7 years). At $2,000/month, roughly 40 months.
Can I use gift money for my 20% 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.