Down Payment Calculator
Plan your savings goal for a home down payment and see when you'll reach it.
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
How much down payment do I need for a house?
Conventional loans require 3-5% minimum; 20% avoids PMI. FHA loans accept 3.5% down. VA loans offer 0% for veterans. More down payment means lower monthly payments and better rates.
Is 20% down payment necessary?
No, but 20% down avoids PMI (0.5-1% of loan annually), gets better rates, and means lower monthly payments. Many buyers successfully purchase with 3-10% down.
How long does it take to save for a down payment?
Depends on home price, savings rate, and target percentage. Saving $1,000/month for a $60,000 down payment takes 5 years. This calculator shows your specific timeline.
What are closing costs and how much should I save?
Closing costs are 2-5% of home price for loan fees, title insurance, inspections, and more. On a $300,000 home, budget $6,000-$15,000 in addition to down payment.
Where should I save my down payment money?
High-yield savings accounts offer safety and liquidity for down payment funds. Stock market investments carry volatility risk that may not suit short-term goals (under 5 years).
Can I use gift money for a down payment?
Yes, most loans accept gift funds from family. You will need a gift letter stating no repayment is expected. FHA and conventional loans have specific gift fund documentation requirements.