Down Payment Calculator
Saving for a home? See your down-payment goal, the cash you’ll need with closing costs, and how long it takes to get there.
Example: with Target home price $400,000 · Down payment 20% · Saved so far / cash available $20,000 · Saving per month $1,500 → Time to reach your goal: 3 yr 7 mo.
- Down payment needed$80,000
- With closing costs (~3%)$92,000
- Still to save$72,000
Computed by the calculator below using its default values. Change any input to see your own numbers.
How you compare
High-yield savings accounts for your down payment
Learn moreHow much down is enough
You don’t always need 20% — many loans allow far less — but 20% avoids PMI and shrinks your payment. Don’t forget closing costs (another 2–5%), which are due in cash at the same time. Parking the money in a high-yield account speeds you to the goal.
How it’s calculated & sources
Savings plan: goal = price × down-payment%. We add ~3% for closing costs, then grow your current savings plus monthly contributions at the account’s APY until you reach the total. Price & %: down payment and cash needed are computed directly from the price and percentage you enter. Savings → price: we divide your available cash by (down-payment% + 3% closing costs) to back into the home price your cash can support. Target payment → price: we convert your target principal & interest payment into a loan amount at the assumed rate and term, then divide by (1 − down-payment%) to get the affordable price. Price + cash: compares a specific price against cash on hand to show the shortfall. PMI typically applies whenever the down payment is below 20%.
Benchmark: 20% down avoids PMI; the median down payment is about 15% overall and 6–8% for first-time buyers (NAR).
Results update as you type and are general estimates, not personalized financial, tax, medical or legal advice. Verify with a professional.
Frequently asked questions
Should I wait for 20%?
Not always — in a rising market, buying sooner with PMI can beat waiting. Weigh PMI cost against expected appreciation and rent paid while saving.
Where should I keep the money?
If you’ll buy within a few years, favor safety — a high-yield savings account, CDs or T-bills — over stocks, which can fall right when you need the cash.
What do the other calculation modes do?
Switch modes to solve for what you don’t know: affordable price from your cash available, affordable price from a target monthly payment, or the down payment and cash needed for a specific price — alongside the original savings-plan timeline.
When does PMI apply?
Most conventional loans require private mortgage insurance when your down payment is below 20%. It’s typically 0.3–1.5% of the loan balance per year and can usually be removed once you reach 20% equity.