Home / 3% Down Payment
3% Down Payment Mortgage Calculator
The minimum down payment for conventional loans. Requires PMI but gets you into a home with minimal cash.
= $12,000
Monthly Payment
$2,581
Loan Amount
$388,000
Total Interest
$541,295
Total Cost
$941,295
Payment Breakdown
Down Payment$12,000 (1.3%)
Principal$388,000 (41.2%)
Total Interest$541,295 (57.5%)
Down Payment
$12,000
on $400,000 home
Monthly P&I
$2,581
7% rate, 30yr
PMI Estimate
$226/mo
~0.7% of loan/yr
Total Interest
$541,295
over 30 years
Monthly Payment with 3% Down by Home Price
| Home Price | Down Payment | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $150,000 | $4,500 | $145,500 | $968 | $202,985 |
| $200,000 | $6,000 | $194,000 | $1,291 | $270,647 |
| $250,000 | $7,500 | $242,500 | $1,613 | $338,309 |
| $300,000 | $9,000 | $291,000 | $1,936 | $405,971 |
| $350,000 | $10,500 | $339,500 | $2,259 | $473,633 |
| $400,000 | $12,000 | $388,000 | $2,581 | $541,295 |
| $450,000 | $13,500 | $436,500 | $2,904 | $608,956 |
| $500,000 | $15,000 | $485,000 | $3,227 | $676,618 |
| $600,000 | $18,000 | $582,000 | $3,872 | $811,942 |
| $700,000 | $21,000 | $679,000 | $4,517 | $947,265 |
| $750,000 | $22,500 | $727,500 | $4,840 | $1,014,927 |
| $800,000 | $24,000 | $776,000 | $5,163 | $1,082,589 |
| $900,000 | $27,000 | $873,000 | $5,808 | $1,217,913 |
| $1,000,000 | $30,000 | $970,000 | $6,453 | $1,353,236 |
$400,000 Home with 3% Down — By Rate
| Rate | 15-Year | 30-Year | Interest Saved (15yr) |
|---|---|---|---|
| 5.5% | $3,170 | $2,203 | $222,437 |
| 6% | $3,274 | $2,326 | $248,103 |
| 6.5% | $3,380 | $2,452 | $274,491 |
| 6.75% | $3,433 | $2,517 | $287,941 |
| 7% | $3,487 | $2,581 | $301,553 |
| 7.25% | $3,542 | $2,647 | $315,320 |
| 7.5% | $3,597 | $2,713 | $329,237 |
| 8% | $3,708 | $2,847 | $357,495 |
3% vs 20% Down Payment Comparison
On a $400,000 home at 7% for 30 years:
| 3% Down | 20% Down | Difference | |
|---|---|---|---|
| Down Payment | $12,000 | $80,000 | $68,000 |
| Loan Amount | $388,000 | $320,000 | $68,000 |
| Monthly Payment | $2,581 | $2,129 | $452 |
| Total Interest | $541,295 | $446,428 | $94,866 |
Note: With 3% down, PMI (~$226/mo) is required until you reach 20% equity. This adds to your effective monthly cost.