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//// Personal Finance · Home Buying

Down Payment Planner

Compare FHA 3.5% through no-PMI 20% side by side — see total cash needed, your savings gap, and the month you can finally buy.

Where this fits

🏠 Real EstateCash FlowHome BuyingHomeownersHouseholds

This tool lives inside Cash Flow + Home Buying and is most useful for homeowners and households.

30yr Fixed Avg~6.8%
Standard Down20%
DTI Limit (QM)43%

Your Details

ScenarioTotal NeededGapTime to Save

FHA Minimum (3.5%)

~$233/mo PMI until 20% equity

$22,750

$7,750

8 months

Conventional 5%

~$233/mo PMI until 20% equity

$28,000

$13,000

1 yr 1 mo

Conventional 10%

~$233/mo PMI until 20% equity

$45,500

$30,500

2 yr 4 mo

No-PMI 20%

No PMI required

$80,500

$65,500

4 yr 9 mo

Closing costs estimated at 3% of home price. Actual costs vary by state and lender. PMI rate estimated at 0.8% of loan annually.

1

Down Payment

home price × down %

= $17,500

$350,000 × 5% = $17,500 (conventional 5% example)

2

Closing Costs

home price × 3%

= $10,500

$350,000 × 3% = $10,500 (estimated closing costs)

3

Total Cash Needed

down payment + closing costs

= $28,000

$17,500 + $10,500 = $28,000

4

Savings Gap

total needed − current savings

= $13,000

$28,000 − $15,000 = $13,000 remaining

5

Months to Goal

FV(n) = P×(1+r)^n + PMT×((1+r)^n − 1)/r ≥ goal

= 1 yr 1 mo

At $1,000/mo with 4% return

#ShowYourWork

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