Buyer Tool 07
See exactly how much you need to save, how your down payment percentage affects your monthly payment and PMI, and what loan types are available at your price point.
Your Down Payment Breakdown
Down Payment
$240,000
20% of purchase price
Loan Amount
$960,000
Amount financed
Monthly Payment
$6,281
Principal + interest
PMI / Month
$0
Not required ≥20%
Total Monthly
$6,281
P&I + PMI
LTV Ratio
80%
Loan-to-value
PMI Note: Because your down payment is below 20%, you'll pay Private Mortgage Insurance. PMI typically costs 0.5–1.5% of the loan annually. It cancels automatically once you reach 20% equity (78% LTV). In California's high-cost markets, this can add thousands per year — a strong reason to hit 20% if possible.
Minimum Down Payment by Loan Type
Conventional
3% – 5%
Best for good credit (680+). No upfront mortgage insurance premium. PMI cancels at 20% equity.
FHA Loan
3.5%
Requires 580+ credit score. MIP lasts the life of the loan if down payment <10%. Popular for first-time buyers.
Jumbo Loan
10% – 20%
Required for loans above $766,550 in most Bay Area counties. Stricter credit and reserve requirements.
This calculator provides estimates for planning purposes only. Actual PMI rates, payments, and loan availability depend on your credit profile, lender, and loan type. Consult a licensed mortgage professional for personalized guidance. Bassam Afif is a licensed California REALTOR® (DRE #02032839), not a mortgage lender.