Down Payment Calculator
Calculate how long it will take to save for a home down payment.
Calculate how long it will take to save for a home down payment.
Down Payment Amount
$80,000
Closing Costs
$12,000
Total Needed
$92,000
Months to Goal
3y 4m
Additional Monthly Needed
$0
The down payment calculator helps you figure out how much you need to save for a home down payment and how long it will take to get there. Enter the home price and your desired down payment percentage, and the calculator determines your savings target (including estimated closing costs). It then projects your savings growth based on your current savings, monthly contributions, and expected returns to show when you'll reach your goal. The calculator also shows the impact of different down payment percentages on your mortgage and whether you'll need to pay PMI.
Formula
Total Needed = (Home Price × Down Payment %) + (Home Price × Closing Cost %)
The total savings target includes both the down payment and estimated closing costs. The calculator then uses compound growth projections to determine how long your current savings and monthly contributions will take to reach this target, or how much more you need to save each month.
The standard benchmark is 20% of the home price, which avoids PMI. However, many loan programs allow 3-10% down. A larger down payment means a smaller mortgage, lower monthly payments, and better interest rates.
Required when your down payment is less than 20%. PMI typically costs 0.5-1% of the loan amount annually ($100-$200/month on a $300,000 loan) and can be removed once you reach 20% equity.
Fees paid at the time of purchase, typically 2-5% of the home price. These include appraisal fees, title insurance, attorney fees, origination fees, and prepaid taxes/insurance. Don't forget to save for these on top of your down payment.
A deposit (typically 1-3% of the purchase price) made when your offer is accepted, showing the seller you're serious. This amount is applied toward your down payment at closing.
Sarah and Mike want to buy a $450,000 home with 20% down. They have $30,000 saved and can contribute $2,000/month.
Result: At $2,000/month with a 4% return, Sarah and Mike will reach their $103,500 goal in approximately 33 months (about 2 years and 9 months). If they increase their monthly savings to $2,500, they could reach their goal in about 27 months — saving 6 months of waiting.
Fact-Checked — All content is reviewed for accuracy against authoritative sources including IRS.gov, Federal Reserve data, and established financial research.