Down Payment Calculator
Plan your savings to reach a down payment.
Inputs
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Result
Target Down Payment$80,000.00
Additional Needed$65,000.00
Time to Save3.4 years
About the Down Payment Calculator
The Down Payment Calculator shows how long it will take to reach a target down payment given what you already have saved, what you can save each month, and the interest your savings earn.
Calculation method
Uses a future-value-of-annuity solve: given a monthly contribution and an annual savings rate, it finds the number of months for savings plus interest to reach the goal.
n = ln(1 + (Need × r)/PMT) / ln(1 + r), where r = APR/12How to use this calculator
- Enter the target home price and desired down payment percentage.
- Enter what you already have saved and your monthly contribution.
- Enter the interest rate on your savings account or HYSA.
Example
Targeting 20% down on a $400,000 home ($80,000), starting with $15,000, saving $1,500/mo at 4.5% APY reaches the goal in about 3.4 years.
Frequently asked questions
How much down payment do I need?
Conventional loans allow 3% down, FHA 3.5%, VA and USDA 0%. 20% is the classic target because it removes PMI and lowers payments.
Where should I save the down payment?
For goals within 3 years, use a high-yield savings account, money-market fund, or short-term Treasury bills. Longer horizons can use short-term bond funds.
Do gift funds count?
Yes. Most loan programs allow all or part of the down payment from a documented gift from a family member.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for decisions specific to your situation.