$300,000 Condo with 5% Down: First-Time Buyer Scenario

A $300,000 condo with just 5% down ($15,000) is a common first-time buyer scenario. Includes PMI, HOA fees, and a complete cost analysis.

Payment Summary

• Home Price: $300,000
• Down Payment: $15,000 (5%)
• Loan Amount: $285,000
• PMI: Required until 20% equity
• HOA: ~$200/month (typical condo)
• Estimated P&I: ~$1,849/month at 6.75%

This scenario is ideal for first-time buyers entering the market with minimal savings. While PMI adds to the monthly cost, it enables homeownership with just 5% down.