$1,612/mo
Principal & Interest
A $300,000 home with 15% down requires $45,000 at closing and finances $255,000. At 6.5% over 30 years, the monthly principal and interest is approximately $1,612 — $284 less per month than a zero-down loan on the same home.
PMI is still required at 15% down — but at 85% LTV, rates are significantly lower than at 5% or 10%. Expect to add $51–$128/month until your balance drops below 80% of the home's value. Property taxes and insurance add another $300–$600/month.
Calculate Your Exact Payment →The $1,612 figure reflects a $255,000 loan at 6.5% over 30 years. Use the Mortgage Calculator to dial in your home price, rate, and down payment.
Your $45,000 down payment saves $57,240 in total interest over 30 years compared to a zero-down loan — a return of roughly $1.27 in interest savings per dollar put down. You're also paying some of the lowest PMI rates available before the 20% no-PMI threshold.
| Down Payment | Down Amount | Loan Amount | Monthly P&I | PMI Est./mo | Total Interest |
|---|---|---|---|---|---|
| 0% | $0 | $300,000 | $1,896 | ~$125–$375 | $382,560 |
| 5% | $15,000 | $285,000 | $1,801 | ~$100–$285 | $363,360 |
| 10% | $30,000 | $270,000 | $1,707 | ~$68–$180 | $344,520 |
| 15% | $45,000 | $255,000 | $1,612 | ~$51–$128 | $325,320 |
| 20% | $60,000 | $240,000 | $1,517 | None | $306,120 |
| 25% | $75,000 | $225,000 | $1,422 | None | $286,920 |
The step from 15% to 20% down costs $15,000 more upfront, saves $95/month in P&I, and eliminates PMI. At an average combined savings of $170/month (P&I + mid-range PMI), that extra $15,000 breaks even in roughly 7 years.
With 15% down ($45,000) on a $300,000 home at 6.5% over 30 years, monthly P&I is approximately $1,612. Adding PMI ($51–$128/mo) plus taxes and insurance puts total estimated monthly housing costs at $1,963–$2,340.
Starting at 85% LTV, you need to reach 80% LTV for PMI cancellation — a 5% drop in LTV. At 6.5% on a $255,000 loan, scheduled payments alone get you there in roughly 2–3 years. Any home appreciation accelerates that timeline further. PMI at 15% down is genuinely short-lived in most market conditions.
15% down is solid — lower PMI than 10%, faster path to PMI elimination, and $95/month less than 20% down. The main question is whether you should hold that last $15,000 in cash or put it toward the down payment. If you have a strong emergency fund and no high-interest debt, closing the gap to 20% is usually worth it. Use the PMI calculator to see exactly how long PMI would last at 15% vs. waiting until you have 20%.