Down payments & monthly income required

This will calculate: the same purchase at four different down payments — 5%, 10%, 15% and 20% — side by side, so a buyer can see exactly what putting more money down does to their payment and to the income they need to qualify.

Each column shows the loan amount, the cash down, the P & I payment, PMI, taxes and insurance, the total payment, and the monthly gross income a lender would want to see.

PMI shows as Not required at 20% down, which is the usual threshold for dropping mortgage insurance.