Down Payment Calculator

$
As much you paid upfront, monthly payments will decrease
Months
Longer periods drop the monthly payments but increases the total money wasted. Longer term contracts generally applies higher interest rates.
%
Most of the times before applying to loan you can learn the exact rate. Please check the bank's web sites.
%
This percentage will be determine the total amount you can reach with the upfront cash available.

How This Calculator Works?

In case you know the money in your pocket and bank interest rates and want to learn what is the price range you can afford with that. This calculator made for you. When you enter the amounts it will show you the house you can afford, monthly payments for your loan and the money paid for interest. If monthly payments are too much for you, you can increase the loan term.

Loan Tips For Down Payment

First of all need to check your banks and regulations about mortgage. Most probably there is a minimum down payment percentage anyway. This may change with country you live, banks and also with your credit score. Then you can understand if you can increase this or not. With the calculation above you can get some payment schedules for different amounts and loan terms. You will see that if you pay more upfront your monthly payments drops. This also drops your money wasted on interest. 💸

Example Payment Values

Lets say you have 20.000$ in your savings account and will apply for a FHA loan which is as low as 3.5%. Assuming interest rate is 5% and you want to pay it in 5 years. This allows you to get 571.428$ of loan with 10.406$ monthly payments. For the second scenario lets look at the monthly payments if you had 100.000$ in the first place with 17,5% down payment: you still will pay 571.428$ but monthly payments dropped to 8.896$ and money paid to interest is 62.357$ now. This also means you can lower your loan term. Keeping the monthly payment amount same, with the second scenario you could finish your loan in 50th month, 10 months earlier.