Down Payment Savings Calculator
Find how long it will take to save the down payment for a home.
How big a down payment do you need?
Many loans accept 3-5% down, though 20% avoids private mortgage insurance in the US and lowers your monthly payment. Remember closing costs of about 2-5% on top, plus moving and furnishing costs.
Speed it up
Automate savings, cut subscriptions, add side income and keep the money in a high-yield account. Look for first-time buyer programs in your area.
Worked example
Last reviewed November 2026. Formulas are standard and shown in the sections above; results are estimates.
Tips and common mistakes
- Keep the fund in a safe, easy-access account.
- Look for first-time buyer grants.
- Save closing costs separately.
Learn more
Frequently asked questions
Is 20% required?
No, but a smaller down payment means higher monthly costs and possibly PMI.
Does it include interest?
Yes, at the rate you enter.
What about closing costs?
We show an estimate of 3% of the price.
Money guides for this topic
All guides →How Much House Can I Afford? The 28/36 Rule
A simple rule lenders use to size a mortgage, with a worked example, plus the costs people forget when they set a budget.
Read guide →Buying a Home or Car: The Math Before You Sign
How to work out what you can really afford for a home or car, using simple rules and real numbers.
Read guide →How Loan Interest Really Works
Understand APR, amortization and why early payments are mostly interest, with tips to pay less.
Read guide →Related calculators
Mortgage Calculator
Estimate your full monthly mortgage payment including property tax and home insurance.
Open calculator →How Much House Can I Afford?
Estimate the home price you can afford from your income, debts and down payment.
Open calculator →Refinance Break-Even Calculator
See if refinancing a loan saves money and how many months it takes to break even.
Open calculator →Results are estimates and not financial advice.