Calculate your down payment amount, remaining loan amount, and loan-to-value ratio from a home price and down payment percentage.
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Down Payment Amount = Home Price × Down Payment Percentage. The remaining Loan Amount is simply the home price minus the down payment.
For example, a 350,000 home with a 20% down payment requires 70,000 down, leaving a 280,000 loan.
Putting down 20% typically avoids private mortgage insurance (PMI) on a conventional loan, an extra monthly cost lenders charge to protect themselves on smaller down payments. Many buyers put down less than 20%, but it's worth knowing the tradeoff.
On most conventional loans, you'll likely be required to pay private mortgage insurance (PMI) until you build up 20% equity, which adds to your monthly payment. Some loan programs (like FHA loans) have their own separate mortgage insurance rules.
Not necessarily, it reduces your loan amount and interest costs, but ties up more cash upfront. Whether that tradeoff makes sense depends on your other financial goals, like keeping an emergency fund or investing elsewhere.
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