Cash required is more than the percent
Five percent of $400,000 is $20,000. Closing costs sit on top. The down-payment table adds the closing percent you choose.
A gift, assistance program, or seller credit can change the cash you bring. The table does not assume any of those.
PMI is the cost of borrowing the rest
Below 20% down, the model estimates PMI at 0.50% of the loan per year. That is not a quote.
FHA, VA, and USDA replace that conventional PMI line with their own fees. Compare those calculators before assuming 20% is required.
| Down payment | In this model |
|---|---|
| 5% to 15% | PMI estimated |
| 20% | PMI not applied |
Calculators
Related guides
Sources
Common questions
Is 20% required to buy?
No. It is the point where this conventional model stops estimating PMI.
Should I put every dollar down?
Not if it leaves no reserve for repairs or a job gap. The calculator does not measure your emergency fund.