Down Payment Calculator
Calculate how long it will take to save for a house down payment. Compare different down payment percentages, see PMI costs, and find the right savings plan for your homeownership goals.
Home Purchase Goal
Your Savings
Time to Reach Goal
Target date: March 2029
Your Progress
Down Payment Options
| Down % | Amount | Total Needed | Time | PMI |
|---|---|---|---|---|
| 3% | $12,000 | $24,000 | 0.0 years | $162/mo |
| 5% | $20,000 | $32,000 | 0.4 years | $158/mo |
| 10% | $40,000 | $52,000 | 1.4 years | $150/mo |
| 15% | $60,000 | $72,000 | 2.4 years | $142/mo |
| 20% | $80,000 | $92,000 | 3.3 years | None |
| 25% | $100,000 | $112,000 | 4.3 years | None |
Monthly Savings Impact
| Save/Month | Time to Goal | Target Date |
|---|---|---|
| $500 | 8.2 years | December 2033 |
| $1,000 | 4.8 years | August 2030 |
| $1,500 | 3.3 years | March 2029 |
| $2,000 | 2.6 years | June 2028 |
| $2,500 | 2.1 years | December 2027 |
| $3,000 | 1.8 years | September 2027 |
Home Price Comparison
| Home Price | Down Payment | Total Needed | Time |
|---|---|---|---|
| $300,000 | $60,000 | $69,000 | 2.3 years |
| $350,000 | $70,000 | $80,500 | 2.8 years |
| $400,000 | $80,000 | $92,000 | 3.3 years |
| $450,000 | $90,000 | $103,500 | 3.8 years |
| $500,000 | $100,000 | $115,000 | 4.4 years |
| $600,000 | $120,000 | $138,000 | 5.4 years |
Down Payment Tips
How Much to Save?
20% avoids PMI, but isn't required. FHA loans need just 3.5%, conventional loans 3-5%. Consider your timeline, market conditions, and whether PMI cost is worth buying sooner.
Where to Save
Use a high-yield savings account (4-5% APY) for safety and liquidity. Don't invest in stocks—you need this money on a specific timeline and can't risk a market downturn.
Don't Forget Closing Costs
Closing costs are 2-5% of home price and due at closing. Budget for these separately from your down payment. Some can be negotiated or rolled into the loan.
Frequently Asked Questions
How much down payment do I need?
| Loan Type | Minimum Down | PMI Required? |
|---|---|---|
| Conventional | 3-5% | Yes, until 20% equity |
| FHA | 3.5% | Yes, for loan life |
| VA | 0% | No |
| USDA | 0% | No (has guarantee fee) |
20% down avoids PMI but isn't required.
How long does it take to save?
Example: $400,000 home, 20% down ($80,000 + closing costs):
- $1,000/month: ~7 years
- $1,500/month: ~4.5 years
- $2,000/month: ~3.5 years
- $2,500/month: ~2.8 years
What is PMI?
Private Mortgage Insurance protects the lender if you default. Required when down payment is less than 20%.
- Costs 0.5-1% of loan amount annually
- On $320,000 loan: $133-267/month
- Can be removed at 20% equity (conventional)
- FHA loans require it for the life of the loan
Should I wait for 20% or buy sooner?
Consider buying sooner with less down if:
- Home prices are rising faster than you can save
- Rent is high and you'd build equity instead
- You can afford PMI and still save
Wait for 20% if:
- You want the lowest monthly payment
- Market is stable or declining
- You need time to improve credit