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A 20% down payment is the point where many conventional loans stop charging PMI. The table uses the example rate of 6.75% and a 30-year term.
At 20% down, the loan is 80% of the price, so this model does not add PMI. A smaller down payment can.
Published by the Mortgage Guide editorial team. Last reviewed: October 2026. This page is educational. It is not a loan offer, approval, or personalized financial advice.
6.75% is an example rate so the calculator has a starting point. It is not a live market quote. Enter the rate from a loan estimate.
Down payment
Loan term
PMI is $0 in this estimate because the down payment is at least 20% of the price.
Estimated monthly payment
Principal, interest, taxes, insurance, PMI, and HOA
$2,558.84
The estimated monthly payment is $2,558.84. Principal and interest are $2,075.51, property tax is $333.33, insurance is $150.00.
Taxes, insurance, HOA, and PMI are held flat in this model. A real PMI bill can end after the balance falls, and taxes or insurance can change. The interest total assumes the rate stays fixed and you pay the scheduled amount.
Same price, down payment, and rate. The lowest total interest is labeled in words. A shorter term usually raises the monthly principal-and-interest payment.
| Term | Monthly principal and interest | Total interest | Payoff |
|---|---|---|---|
| 15 years | $2,831.71 | $189,708Lowest interest | September 2041 |
| 20 years | $2,433.16 | $263,961 | September 2046 |
| 30 years — selected | $2,075.51 | $427,188 | September 2056 |
Schedule view
| Year | Principal | Interest | Total paid | Ending balance |
|---|---|---|---|---|
| 1 | $3,410.35 | $21,495.77 | $24,906.12 | $316,589.65 |
| 2 | $3,647.80 | $21,258.32 | $24,906.12 | $312,941.85 |
| 3 | $3,901.78 | $21,004.34 | $24,906.12 | $309,040.07 |
| 4 | $4,173.46 | $20,732.66 | $24,906.12 | $304,866.61 |
| 5 | $4,464.06 | $20,442.06 | $24,906.12 | $300,402.55 |
| 6 | $4,774.89 | $20,131.23 | $24,906.12 | $295,627.66 |
| 7 | $5,107.35 | $19,798.77 | $24,906.12 | $290,520.31 |
| 8 | $5,462.97 | $19,443.15 | $24,906.12 | $285,057.34 |
| 9 | $5,843.34 | $19,062.78 | $24,906.12 | $279,214.00 |
| 10 | $6,250.19 | $18,655.93 | $24,906.12 | $272,963.81 |
| 11 | $6,685.37 | $18,220.75 | $24,906.12 | $266,278.44 |
| 12 | $7,150.87 | $17,755.25 | $24,906.12 | $259,127.57 |
| 13 | $7,648.76 | $17,257.36 | $24,906.12 | $251,478.81 |
| 14 | $8,181.33 | $16,724.79 | $24,906.12 | $243,297.48 |
| 15 | $8,750.99 | $16,155.13 | $24,906.12 | $234,546.49 |
| 16 | $9,360.29 | $15,545.83 | $24,906.12 | $225,186.20 |
| 17 | $10,012.03 | $14,894.09 | $24,906.12 | $215,174.17 |
| 18 | $10,709.16 | $14,196.96 | $24,906.12 | $204,465.01 |
| 19 | $11,454.81 | $13,451.31 | $24,906.12 | $193,010.20 |
| 20 | $12,252.41 | $12,653.71 | $24,906.12 | $180,757.79 |
| 21 | $13,105.49 | $11,800.63 | $24,906.12 | $167,652.30 |
| 22 | $14,018.00 | $10,888.12 | $24,906.12 | $153,634.30 |
| 23 | $14,994.04 | $9,912.08 | $24,906.12 | $138,640.26 |
| 24 | $16,038.06 | $8,868.06 | $24,906.12 | $122,602.20 |
| 25 | $17,154.75 | $7,751.37 | $24,906.12 | $105,447.45 |
| 26 | $18,349.18 | $6,556.94 | $24,906.12 | $87,098.27 |
| 27 | $19,626.80 | $5,279.32 | $24,906.12 | $67,471.47 |
| 28 | $20,993.37 | $3,912.75 | $24,906.12 | $46,478.10 |
| 29 | $22,455.11 | $2,451.01 | $24,906.12 | $24,022.99 |
| 30 | $24,022.99 | $887.50 | $24,910.49 | $0.00 |
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| Home price | Cash down | Loan amount | Principal and interest | Example PMI | Estimated housing |
|---|---|---|---|---|---|
| $300,000 | $60,000 | $240,000 | $1,556.64 | None | $1,956.64 |
| $400,000 | $80,000 | $320,000 | $2,075.51 | None | $2,558.84 |
| $500,000 | $100,000 | $400,000 | $2,594.39 | None | $3,161.06 |
On a $400,000 home, 20% down is $80,000 and the example principal and interest is $2,075.51. At 20% down on the same home, principal and interest is $2,075.51.
Taxes in the estimated housing column are 1% of the price per year. Insurance is $1,800 a year. HOA dues are not included.
The actual monthly cost also depends on homeowners insurance for that property, mortgage insurance when the down payment is under 20%, and any HOA fee. This site is not a lender, and these figures are not a loan offer.
Not in this model. The loan is 80% of the price, which is the cutoff used here. Some loan programs still charge mortgage insurance, or a different fee, below or above that line.
No. 6.75% is an example rate. The calculator uses an example interest rate for illustration. Actual mortgage rates vary with the market, the borrower, the loan type, credit, and the lender.
Set your own price, down payment, rate, taxes, and insurance.
Turn a percent down into the cash you would bring.
Estimate the insurance that can apply under 20% down.
Cash at closing is more than the down payment.
Longer guides on these topics are linked from the guides library.