🏦 Down Payment Savings Calculator
Find exactly how much to save each month to hit your home down payment goal.
How This Is Calculated
Down Payment Target = Home Price × Down Payment %. Required Monthly Savings = (Target − Current Savings) ÷ Months Remaining. This is a simple straight-line savings plan; it doesn't account for interest earned on savings held in an interest-bearing account.
Frequently Asked Questions
Do I need a 20% down payment to buy a house?
No — many conventional loans allow as low as 3-5%, and FHA loans allow 3.5%. Putting down less than 20% on
a conventional loan usually means paying for private mortgage insurance (PMI) until you build enough equity.
Guide: understanding your result
- 20% down avoids private mortgage insurance on a conventional loan, but many programs allow far less.
- Closing costs and a cash reserve are needed on top of the down payment.
- Money needed within a few years is usually kept where its value does not fluctuate.
Worked example
For a $400,000 home, 10% down is $40,000. Saving it over 3 years in an account earning an illustrative 4% takes about $1,048 a month.
Down payment and monthly saving needed over 3 years (4% illustrative)
| Home price | 3.5% down | 10% down | 20% down |
|---|---|---|---|
| $300,000 | $10,500 ($275/mo) | $30,000 ($786/mo) | $60,000 ($1,571/mo) |
| $400,000 | $14,000 ($367/mo) | $40,000 ($1,048/mo) | $80,000 ($2,095/mo) |
| $500,000 | $17,500 ($458/mo) | $50,000 ($1,310/mo) | $100,000 ($2,619/mo) |
Common mistakes to avoid
- Forgetting closing costs and moving expenses.
- Draining the emergency fund for the down payment.
Official sources
Examples are calculated live from the same data the calculator uses and are for education only — they are not financial, tax or investment advice.
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