Mortgage Calculator — 10% Down Payment
Monthly payment and PMI on a $400,000 home with 10% down. Shows when PMI falls off.
Quick Answer
Monthly payment: $2,347
Down payment
$40,000
Loan amount
$360,000
Monthly P&I
$2,347
Total interest
$484,895
Total cost
$884,895
- ✓At 6.8%, you pay $484,895 in interest over 30 years — 135% on top of the loan
- ✓Income needed (28% rule): $100,583/year gross
- ✓10% down triggers PMI until you reach 20% equity (~$40,000 more needed)
- ✓A 15-year mortgage at similar rates roughly halves total interest paid
Monthly P&I
$2,346.93
PMI (if applicable)
$225.00/mo
Property Tax (est.)
$400.00/mo
Total Monthly Payment
$3,096.93
Total Interest Paid
$484,895.04
Loan Amount
$360,000.00
PMI (~0.5–1%) required for down payments under 20%. Property tax estimated at 1.2% annually.
Frequently Asked Questions
What is the monthly payment on a $400,000 home at 6.8%?
$2,347 per month for principal and interest on a 30-year fixed mortgage with 10% down ($360,000 loan). This doesn't include property tax, homeowners insurance, or HOA fees, which typically add $300–800/month.
How much total interest do I pay on this mortgage?
$484,895 in interest over 30 years. On a 30-year term at 6.8%, interest adds up significantly. Choosing a 15-year mortgage at a similar rate would roughly halve total interest paid, though monthly payments would be higher.
What salary do I need to afford a $400,000 home?
Using the 28% front-end rule, you'd need approximately $101,000/year in gross income. Lenders also check total debt-to-income (≤36% guideline), so existing car payments or student loans reduce your maximum home price.
Does 10% down make sense, or should I put more down?
10% down will require PMI until you reach 20% equity. Weigh the PMI cost (~$50–200/month) against keeping cash liquid. If PMI costs less than potential investment returns on the saved cash, a lower down payment can make sense.
Related Scenarios
Mortgage Calculator — $300K, 30 Years, 7% Rate
Monthly payment on a $300,000 mortgage at 7% interest rate, 30-year term.
Mortgage Calculator — $500K, 15-Year Term
Monthly payment and total interest on a $500,000 home with a 15-year mortgage.
Mortgage Calculator — $400K at 6.8% Rate
Monthly mortgage payment on a $400,000 home at the current average rate of 6.8%.
Results are estimates for informational purposes only and do not constitute financial advice. Tax figures use 2026 US rates. Consult a licensed financial advisor before making financial decisions.Last updated: April 2026