At a 7.4% fixed rate over 30 years, a $430,000 home would require about $2,382 a month in principal and interest with 20% down. With 10% down, that rises to about $2,680; with 5% down, $2,828; and with 3% down, $2,888. These are calculated examples, not lender quotes, and they exclude taxes, insurance, mortgage insurance, HOA fees, and closing costs.
The down payment is only one part of the cash needed to buy. Your total monthly housing payment and cash due at closing depend on the loan terms, property, location, and transaction details.
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Estimated payment on a $430,000 home at 7.4%
The estimates below assume a 30-year, fixed-rate, fully amortizing loan, monthly payments, a constant nominal annual rate of 7.4%, and no fees added to the loan. Principal and interest are calculated from the amount borrowed and rounded to the nearest dollar. A 7.4% rate here is a scenario assumption, not a statement of the rate available to you.
| Down payment | Down payment amount | Loan amount | Monthly principal and interest | Approximate interest over 30 years |
|---|---|---|---|---|
| 3% | $12,900 | $417,100 | $2,888 | $622,550 |
| 5% | $21,500 | $408,500 | $2,828 | $609,714 |
| 10% | $43,000 | $387,000 | $2,680 | $577,624 |
| 20% | $86,000 | $344,000 | $2,382 | $513,443 |
Freddie Mac says down payments can range from 3% to 20%, depending on credit history and other factors. A lower down payment means borrowing more and generally raises principal and interest. Mortgage insurance is typically required below 20% down, but premiums and program rules vary by loan type and borrower. Freddie Mac’s down-payment guidance and the CFPB Loan Estimate explainer provide further context.
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What the monthly payment leaves out
The table shows principal and interest only, not the full cost of owning the home. The Consumer Financial Protection Bureau says a total monthly home payment can include property taxes, mortgage insurance, homeowners insurance, supplementary insurance such as flood coverage, and homeowners’ association fees. Each depends on the property, location, loan, and applicable coverage; the purchase price and rate alone are not enough to estimate them. See the CFPB’s homebuying budget guidance.
As the CFPB puts it in its Loan Estimate explainer, “Your total monthly payment will typically be more than this amount due to taxes and insurance.” Check whether a lender’s quoted payment includes escrowed taxes and insurance, mortgage insurance, and any other applicable charges before comparing it with the figures above.
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- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
How the loan term changes the payment
With 20% down, the loan principal is $344,000. At the same assumed 7.4% rate, a 15-year fixed loan would have calculated principal and interest of about $3,169 a month, compared with about $2,382 for a 30-year fixed loan. The 15-year loan has fewer scheduled payments and less total interest if paid as agreed, but its monthly obligation is higher. These calculations do not mean a lender would offer the same rate for both terms.
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Cash to close is not the same as closing costs. It generally brings together the down payment and closing costs, then adjusts for items such as deposits, seller credits, and other transaction amounts. Closing costs cover upfront loan and transaction expenses; prepaids may also affect the amount due.
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Fannie Mae describes typical closing costs as 2% to 5% of the mortgage amount, while Freddie Mac gives a typical range of 2% to 5% of the purchase price. Using the purchase-price range as a rough illustration, 2% to 5% of $430,000 is $8,600 to $21,500, in addition to the down payment. Actual costs depend on location, lender, and transaction; the range is not a personalized estimate. See Fannie Mae’s closing-cost guidance and Freddie Mac’s closing-cost guidance.
For example, a buyer putting 20% down would start with an $86,000 down payment. Adding the rough purchase-price closing-cost range gives $94,600 to $107,500 before accounting for deposits, seller credits, prepaids, or other transaction-specific adjustments. This is an illustration of the arithmetic, not a cash-to-close quote.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
How to estimate your own budget
- Choose a down payment and loan term. Subtract the down payment from $430,000 to find the loan amount. Use a lender’s terms for a real estimate; the scenarios here hold 7.4% constant for comparison.
- Build the total monthly payment. Add estimated property taxes, homeowners insurance, mortgage insurance if applicable, supplementary insurance, and HOA fees to principal and interest.
- Estimate cash to close separately. Add the down payment, closing costs, and applicable prepaids, then account for deposits, seller credits, and other adjustments.
- Compare official Loan Estimates. Review rate, points, lender fees, mortgage insurance, total monthly payment, and cash to close—not just an advertised interest rate. The CFPB’s Loan Estimate guide explains how to review and compare offers.
Loan terms and rate offers depend on the borrower and loan. For example, the CFPB’s rate-exploration tool uses assumptions that include 10% down, a 700 credit score, conventional financing, a 30-year fixed term, a discount-point range from -0.5 to 0.5, and a 60-day rate lock unless otherwise stated. Those are tool assumptions, not a prediction of what a particular buyer will receive. See the CFPB interest-rate exploration tool.
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