Down Payment Calculator
Plan how to save for your home down payment
Last updated: January 2025
About This Tool
The down payment calculator helps you plan and save for your home purchase by showing exactly how much you need for a down payment and closing costs, tracking your progress, and estimating how long it will take to reach your goal.
What is Down Payment Calculator?
A down payment is the upfront cash you pay when buying a home, expressed as a percentage of the purchase price. This calculator determines your target down payment amount, adds estimated closing costs, and creates a savings timeline based on your current savings and monthly contributions.
How It Works
Enter your target home price and desired down payment percentage. The calculator adds estimated closing costs (typically 2-5% of purchase price) to determine your total savings goal. It then tracks your current savings and monthly contributions to show when you will reach your goal.
Formula
Total Needed = (Home Price x Down Payment %) + Closing Costs; Months to Goal = (Total Needed - Current Savings) / Monthly Savings
Total Needed (Down + Closing)
$92,000
Your Progress
You need $62,000 more • 3y 6mo to goal
Cost Breakdown
Down Payment
$80,000
Estimated Closing (~3%)
$12,000
Loan Amount
$320,000
💡 Tips
- • 20% down avoids PMI
- • Budget 2-5% for closing costs
- • Keep emergency fund separate
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When to Use This Calculator
- 1When starting to save for your first home
- 2To decide between different down payment amounts
- 3When evaluating different home price ranges
- 4To adjust your savings plan as goals change
- 5When deciding if you should buy sooner with less down
Pro Tips
- •20% down payment avoids private mortgage insurance (PMI)
- •First-time buyer programs may allow 3-5% down
- •Keep 3-6 months emergency fund separate from down payment savings
- •Consider high-yield savings accounts for your down payment fund
- •Gift money from family can be used but requires documentation
Common Mistakes to Avoid
- •Using all savings for down payment with nothing left for emergencies
- •Forgetting to budget for closing costs (2-5% of purchase price)
- •Not accounting for moving costs and immediate home expenses
- •Waiting too long to reach 20% while prices increase
- •Not exploring down payment assistance programs