Down Payment Calculator
Calculate how long it will take to save for a down payment based on your savings rate and target.
Months to Goal
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Down Payment Needed
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Shortfall
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Time (Years)
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What is Down Payment Calculator?
A down payment calculator helps prospective homebuyers figure out how long it will take to save for a down payment based on their home price target, desired down payment percentage, current savings, and monthly savings rate.
How to use
- 1 Enter your target home price.
- 2 Enter the down payment percentage you're aiming for.
- 3 Enter how much you've already saved toward the down payment.
- 4 Enter how much you can save per month.
- 5 See the months to reach your goal, the required down payment amount, and the remaining shortfall.
Formula
Example calculation
Home price $350,000, 20% down = $70,000 needed. Current savings $15,000. Shortfall = $55,000. Saving $1,200/month: 55,000 / 1,200 ≈ 46 months (about 3 years 10 months).
Frequently asked questions
How much should I put down on a house?
20% is the traditional target to avoid PMI. But 3–10% is common for first-time buyers using conventional, FHA, VA, or USDA loans. More down means lower monthly payments and less interest over time.
Should I invest my savings while waiting?
If your timeline is 3+ years, investing in a conservative portfolio could grow your savings faster than a HYSA. For shorter timelines, a high-yield savings account is safer since market volatility could reduce your balance.
What other upfront costs should I save for?
Beyond the down payment, budget for closing costs (2–5% of the loan amount), moving costs, initial repairs or furnishings, and an emergency fund. Many buyers are surprised by how much cash is needed at closing.
Does a larger down payment help me qualify?
Yes. A larger down payment improves your loan-to-value ratio, which can help you qualify for better rates and terms, especially if your credit score is borderline.
Are there down payment assistance programs?
Yes. Many states and local governments offer grants or low-interest loans for first-time buyers. HUD's website lists programs by state. Some employers also offer housing assistance benefits.