First-Time Homebuyer Mortgage: 5% Down Payment
Calculate your monthly mortgage payment from the home price, down payment, rate and term — with property tax and insurance included.
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Result
About this tool
This page opens the mortgage calculator prefilled with a realistic first-time-buyer scenario: a $300,000 home with only 5% down ($15,000) rather than the traditional 20%, at a 6.5% rate over 30 years — the kind of low-down-payment path many first mortgages actually take.
Financing $285,000 instead of $240,000 raises the monthly principal and interest to roughly $1,801, a real but often manageable difference for buyers who would otherwise need years more to save an extra $45,000 in cash.
One thing this preset does not model automatically: down payments below 20% typically require private mortgage insurance (PMI) on top of principal, interest, tax and home insurance. Estimate your PMI and add it in the insurance field to see the payment you would truly owe each month.
Example. A 200000 home price with 40000 down, 6 percent interest, a 30 year term, and zero tax and insurance returns a principal-and-interest payment of 959.28 on the 160000 loan.
Limit. A down payment that is not strictly below the home price is rejected, and tax plus insurance are added as a flat monthly extra rather than escrowed by a lender rule.