Mortgage down payment: monthly payment and total cost
Estimate how a larger down payment changes the loan principal, monthly payment and cash left after closing, with a worked example.
Separate home price from loan amount
Loan principal = purchase price − down payment. For a 300,000 home with 60,000 down, the loan starts at 240,000, before financed fees. The down payment is 20% of the price; use the percentage calculator to check a different amount.
Compare payments on the same terms
With a 30-year term and a fixed 6% annual rate, the principal-and-interest payment on 240,000 is about 1,439 per month. A 30,000 down payment creates a 270,000 loan and a payment near 1,619: about 180 more monthly. Enter your own rate and term in the mortgage calculator. Its result may exclude taxes, insurance, association charges and lender fees.
Protect cash needed at closing and afterward
A larger down payment uses more savings immediately. Budget separately for closing costs, repairs and an emergency reserve; exact charges and insurance requirements depend on the lender and location. Compare total interest as well as the monthly bill. The monthly budget guide helps test whether recurring housing costs fit your cash flow. Avoid treating a lower payment as automatically the cheaper overall option when loan terms differ.