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Down Payment Calculator - Down Payment Decisioner

Saving money for a down payment is a long slog. You probably know that making a large down payment can make your loan simpler to get and less costly to have. You might not know that the size of your down payment has a direct effect on the cost of your mortgage insurance and when it can be canceled.

If you're like most of us, though, you've probably only got a finite amount of cash to work with. In addition to your down payment, you’ll also need cash to pay points, closing costs and for reserves.

HSH.com’s Down Payment Decisioner Calculator shows you how both a smaller and larger down payment impacts your overall cost. What if you could make a smaller down payment and still pay the same MI cost? What if your down payment was just a little more so that you could pay less for MI… and how much more does it need to be?

So should you put down less? Should you scrape or beg Mom or Dad for more? What's the benefit or drawback of either choice? It depends, of course, but one thing is clear: no matter how much money you put towards your down payment, making the best choice isn’t easy. HSH.com's Down Payment Decisioner Calculator can help you learn how to best allocate your precious funds.

Using the calculator: Using the yellow “Your Down” calculator in the center, select your credit score, select purchase or refinance, add in the home price, followed by your down payment. Choose the loan term and whether it's a fixed or adjustable rate, and the loan’s mortgage rate.

You can also select an anticipated amount of yearly home price appreciation. The higher the appreciation, the sooner your MI can go away.

HSH.com's Tri-Refi SM Refinance Calculator
Less Down
 
Credit Score:
Loan Type:
Purchase Price
:
With Down Payment of
:
Loan Term (years):
ARM Yrs Fixed:
Home Appreciation:
Interest Rate:
 
If your down payment is $ less,
you fall into a higher cost MI bracket.
 
Loan Amount:
$
With Down Payment of
:
%
P&I Payment:
$
MI Premium:
$
MI Cancellation:
Month
Cost of P&I:
$
Remaining Balance: 
$
Cost of MI:
$
Your Down
 
Credit Score:
Loan Type:
Purchase Price
:
Down Payment
:
Loan Term (years):
ARM Yrs Fixed:
Home Appreciation:
Interest Rate:
 
 
Loan Amount:
$
Down Payment
:
%
P&I Payment:
$
MI Premium:
$
MI Cancellation:
Month
Cost of P&I:
$
Remaining Balance: 
$
Cost of MI:
$
More Down
 
Credit Score:
Loan Type:
Purchase Price
:
With Down Payment of
:
Loan Term (years):
ARM Yrs Fixed:
Home Appreciation:
Interest Rate:
 
If your down payment is $ more,
you climb into a lower cost MI bracket.
 
Loan Amount:
$
With Down Payment of
:
%
P&I Payment:
$
MI Premium:
$
MI Cancellation:
Month
Cost of P&I:
$
Remaining Balance: 
$
Cost of MI:
$
HSH.com's Tri-Refi SM Refinance Calculator