Down Payment Calculator
Saving for a home? Enter the price, your target down-payment percentage, what you've saved and how much you put away each month. You'll see your down-payment target, how much more you need, and how long it'll take. Updates as you type.
How it works
target = home price × down-payment %
From there it grows your current savings plus your monthly contributions (earning the interest you set) month by month until you hit the target.
- 20% down usually avoids mortgage insurance — but lower-down loans exist for first-time buyers.
- Raising your monthly saving is the fastest lever; interest helps a little for longer timelines.
- Keep it accessible if you're buying soon — a high-yield savings account, not the stock market.
This is an educational estimate. It excludes closing costs and assumes a steady savings rate and rate of return. Not financial advice.
FAQ
How much should a down payment be?
It depends on the loan, but common targets are 20% of the home price (to avoid mortgage insurance) or as little as 3–5% for some first-time-buyer loans. Enter your target percentage and home price and the calculator shows the dollar amount you need.
How long will it take to save a down payment?
Subtract what you have saved from your target, then divide by how much you save each month — adjusted for any interest your savings earn. Saving $1,000 a month toward a $50,000 gap takes roughly 50 months, a little less if your savings earn interest.
Why aim for 20% down?
A 20% down payment usually lets you avoid private mortgage insurance (PMI), gives you a smaller loan and lower monthly payments, and can win better interest rates. You can buy with less down, but you typically pay PMI until you reach 20% equity.
Should I keep my down payment savings invested?
For a purchase within a few years, most guidance favours a safe, accessible account (high-yield savings, money market) over stocks, because you can’t risk a market drop right before you buy. Use a modest interest rate here and treat returns as a small bonus, not the plan.
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