Down Payment Calculator
The Should I pay more down? calculator will help you compare the benefits of different down payment options. For example, if you have high savings rate, you may want to make a lower down payment and keep the rest of money in the bank collecting interest. For most homebuyers it makes sense to make a higher down payment because it will result in lower monthly payments and less interest paid on the loan.
Note: The examples below are based on the assumption that the calculator is refreshed with the default values loaded in.

Purchase Price   This is the price of the home you wish to purchase. Use the diamond-shaped slider to enter the value or enter it directly in the edit box
Loan Rate   This is the interest rate of your current loan. You may use the diamond-shaped slider to enter the value or enter it directly in the edit box.
Loan Term   The Loan term is the length of time that your loan is for. Use the diamond-shaped slider to enter the value or enter it directly in the edit box
Pay off Period   The amount of time in which you intend to pay off your loan. If you do not expect to pay it off early, enter the same number that you used for loan term. Use the diamond-shaped slider to enter the value or enter it directly in the edit box.
You may ask, 'If I change my pay off period to 4 years instead of 3 years, how much more would my total costs increase under each option?' Or
'How much would my tax benefit be if I increase the my pay off period to 30 years?'
Savings Rate   This is the interest rate you currently receive on your savings. Use the diamond-shaped slider to enter the value or enter it directly in the edit box.
You may wonder, 'If I can get a saving rate of 7%, how will that affect my tax benefit?' Or
'Which down payment option should I go with if I have a 5% savings rate?'
Tax Rate  

This is your income tax rate. Use the diamond-shaped slider to enter the value or enter it directly in the edit box.

You might ask yourself, 'How will my total costs be affected if my tax rate goes from 28% to 31%?'

Low Down Payment   Enter the minimum down payment you intend to make on your new home. Use the diamond-shaped slider to enter the value or enter it directly in the edit box.
Hi Down Payment   Enter the maximum down payment that you can afford to make on your new home. Use the diamond-shaped slider to enter the value or enter it directly in the edit box.

After you have entered the details of the loan and down payment options, the calculator will calculate the cost comparison and results for the savings graph on the right side of the calculator. The Cost Comparison tab compares the effects of the down payment options on your Monthly Payments, Tax Benefit, Equity and Total Costs at the end of the pay off period. The Savings Graph will display your cumulative savings at the end of each year by using Down Payment option 2. Move the diamond-shaped slider for each year's savings. (Note: Negative numbers indicate that Down Payment 1 is the better option.) Feel free to adjust the variables to answers questions you may have about your situation. Here are some questions to get you started
    What if the purchase price of the home I want increases to $150,000?
Which down payment option is better with a 15 year loan term?
If I set down payment 1 at $15,000 and down payment 2 to $18,000, which option should I take
As always, the answers are only as far as a mouse click or a mouse drag away. Your answers appear in the results window at the bottom. Have fun playing with the planner.