Conventional down payment at different levels
| Down payment | Cash down | Loan amount | Monthly payment |
|---|---|---|---|
| 3% | $12,000 | $388,000 | $3,445 |
| 5% | $20,000 | $380,000 | $3,390 |
| 10% | $40,000 | $360,000 | $3,252 |
| 20% | $80,000 | $320,000 | $2,789 |
Payments include estimated taxes, insurance and mortgage insurance for the loan type, at 6.50% for 30 years. FHA and VA upfront fees and the USDA guarantee fee are financed into the loan.
Minimum down payment by loan type
| Loan | Minimum down | Mortgage insurance |
|---|---|---|
| Conventional | 3% to 5% | PMI until about 20% equity |
| FHA | 3.5% (580+ credit score) | Upfront 1.75% plus annual MIP |
| VA | 0% | None, one-time funding fee |
| USDA | 0% | 1.00% upfront, 0.35% annual |
Your numbers change with credit score and lender. For the bigger picture, see the affordability calculator.