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Budget Planner

See what you can afford and what it really costs

Your Finances

$
$

Car, student loans, credit cards

$

For down payment + closing costs

Within budget
Housing ratio16.7% / 28%
Debt ratio18.4% / 36%
Cash needed$158,773

Target Home

$
$200k$1.5M

$140,000 down

%
Your Monthly Payment$4,873
Principal & Interest$3,540
Property Tax$1,225
Insurance$108
Cash to Close$158,773
$140,000 down + $18,773 closing costs

Total Cost Over 30 Years

You will pay a total of$1,913,021
Home price (what you keep as equity)$700,000
Interest paid to the bank$714,249
Property taxes (30 years)$441,000
Insurance (30 years)$38,999
Closing costs$18,773
Of your loan payments, where does the money go?
To you (principal) — 44%To bank (interest) — 56%

Equity Growth Over Time

Blue line: equity growing over time. Stacked bars: how each year's payments split between principal (green, yours) and interest (orange, bank's). Watch the crossover point.

Compare Down Payments at $700,000

Compare Down Payment Scenarios

3.5% Down (FHA)

$6,081/mo
P&I$4,270
Tax$1,225
Insurance$108
MIP
$479
Cash Needed
$55,961
Down: $24,500
FHA Loan

5% Down

$6,008/mo
P&I$4,203
Tax$1,225
Insurance$108
PMI
$471
Cash Needed
$54,561
Down: $35,000

10% Down

$5,630/mo
P&I$3,982
Tax$1,225
Insurance$108
PMI
$315
Cash Needed
$89,298
Down: $70,000

20% Down (No PMI)

$4,873/mo
P&I$3,540
Tax$1,225
Insurance$108
PMI
$0
Cash Needed
$158,773
Down: $140,000

💡 Key Insights

  • • Higher down payment = lower monthly payment but more cash upfront
  • • 20% down eliminates PMI, saving $471/month
  • • FHA allows 3.5% down but charges mortgage insurance for life of loan
  • • Consider your emergency fund when choosing down payment amount