Calculators
20% down is a common assumption, but it's not a rule — see exactly how different down payment sizes change your loan amount and whether PMI kicks in.
$40,000
Down payment amount
$360,000
Resulting loan amount
Yes
PMI likely required?
Common Down Payment Options — $400,000 Home
| Down % | Down Payment | Loan Amount | PMI Likely |
|---|---|---|---|
| 3% | $12,000 | $388,000 | Yes |
| 3.5% | $14,000 | $386,000 | Yes |
| 5% | $20,000 | $380,000 | Yes |
| 10% | $40,000 | $360,000 | Yes |
| 20% | $80,000 | $320,000 | No |
3% and 3.5% reflect common conventional/FHA minimums; PMI rules differ by loan program regardless of down payment, and FHA/VA loans have their own separate mortgage-insurance requirements not reflected in this table.
These calculators provide estimates for educational purposes only — they are not a loan quote, rate lock, pre-approval, or commitment to lend, and actual figures depend on your full application, credit profile, and current rates through Unitas Lending. Property tax, insurance, and HOA figures are user-entered estimates, not verified amounts.
Want real numbers instead of an estimate? Get pre-approved.
Frequently Asked
No — many conventional loans go as low as 3% down, and FHA loans as low as 3.5%. 20% simply avoids PMI on a conventional loan; it's a threshold, not a requirement.
Private mortgage insurance protects the lender (not you) if you default, and conventional lenders typically require it below 20% down since a smaller down payment means more risk for them. It usually cancels automatically once you reach 22% equity.