How Much of a Down Payment Should I Make on My New Home?Calculator
Use this calculator to compare up to three different mortgage down payment options to find the one that works best for you.
Enter the purchase price of your property.
Yearly Property Taxes
Enter your estimated yearly property taxes for this mortgage. Property taxes are usually calculated as a percentage of your home's assessed value. For example, if you pay 0.5% in property taxes of the assessed value, a home assessed at $270,000 would have a yearly property tax bill of $1,350.
Yearly Property Insurance
Enter your estimated property insurance. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.
Enter the down payment values you would like to compare.
Enter the term of your mortgage in years.
Annual Interest Rate
Enter the annual interest rate that you want to use for this loan.
Discount points are a form of pre-paid interest that you can pay as a means of obtaining a lower mortgage interest rate. One point equals 1% of the loan amount. Enter the discount points for this loan.
Enter any closing costs including appraisals, settlement fees, etc. Do not include discount points.
This is the percentage of the down payment versus the purchase price of the property.
Down payment values entered.
Loan amount for this loan scenario based on the input values. It is equal to the
purchase price less the down payment, plus the closing costs and the discount points.
Monthly Taxes & Insurance
Monthly property tax and insurance payment.
Mortgage insurance is a policy that insures the lender against loss should the homeowner
default on the mortgage. Normally, if you have a down payment of 20% or greater
you do not have to pay mortgage insurance. For the purposes of this calculation
we calculate mortgage insurance based on the purchase price you entered and the
loan amount that is calculated from the data entered.
Principal & Interest Payment
The principal and interest payment for each loan based on the term and rate. ARM
loans are amortized using a 30 year term and will usually either convert to another
loan type or have a balloon payment due.
Total discount points paid when the loan is originated.
Total Interest Paid
This value is the total interest paid over the term of the loan. If the loan is
a 5 Year ARM then the interest is totaled for 5 years.
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AmericanDreamDownPaymentAssistance.com provides information and links
to every government-subsidized program for down payment assistance listed by state.
National Foundation for Credit Counseling
provides high-quality financial education and counseling services for homeownership.
The HomeLoanLearningCenter.com provides step-by-step
information on how to become financially literate.