Down Payment Calculator
Calculate your required down payment, savings gap, and how long it will take to reach your goal.
Calculate your required down payment, savings gap, and how long it will take to reach your goal.
High-yield savings or money market rate
Your savings grow through monthly contributions plus compound interest. The goal is to accumulate the target percentage of the purchase price. Reaching 20% eliminates the requirement for Private Mortgage Insurance (PMI), which typically costs 0.5–1.5% of the loan amount annually.
Balance(m) = Balance(m−1) × (1 + r) + Monthly Contribution | r = APY / 12Putting just 3.5% down on a $300,000 home requires $10,500 — achievable in under a year for many savers. FHA loans accept lower credit scores but require mortgage insurance for the life of the loan.
Saving $80,000 for a 20% down payment on a $400,000 home could take 5+ years at $1,000/month. Meanwhile, buying sooner with PMI may be worthwhile if home values are rising faster than your savings rate.
Growth uses monthly compounding. The 12-month required monthly contribution is computed analytically assuming a fixed rate; the time-to-goal iterates month by month.