Down Payment Calculator
See how much cash you need to buy a home, including closing costs, and how long it will take to save it.
How to use the Down Payment Calculator
- Enter the home price.
- Enter the down payment – Conventional loans allow as little as 3%; FHA 3.5%.
- Enter the closing costs.
- Enter the already saved.
- Enter the monthly savings.
- Enter the savings apy (optional).
- Press Calculate. The result updates automatically as you type.
About the Down Payment Calculator
Twenty percent down is the classic target because it avoids PMI on a conventional loan and lowers the monthly payment, but it is not required. Conventional loans start at 3% down for qualified buyers, FHA at 3.5% and VA and USDA loans can require nothing down.
Do not forget closing costs, which typically run 2–5% of the price and cover lender fees, title insurance, appraisal, prepaid taxes and insurance. You will also want a cushion for moving costs and early repairs. This calculator adds closing costs to the down payment so your savings goal reflects the real cash to close.
Results are estimates, not financial advice. Down payment assistance programs and seller credits can reduce the cash you need.
Formula
Down payment = Price × Down %
Loan = Price − Down payment
Cash needed = Down payment + Price × Closing cost %
Time to save steps month by month: balance = balance × (1 + monthly rate) + monthly savings, until the balance reaches the cash needed. The monthly rate is (1 + APY)1/12 − 1.
Example calculation
Using the default values:
- Home price = $400000
- Down payment = 20%
- Closing costs = 3 % of price
- Already saved = $30000
- Monthly savings = $1500
- Savings APY (optional) = 4%
the calculator returns:
- Down payment: $80,000.00
- Loan amount: $320,000.00
- Estimated closing costs: $12,000.00
- Total cash needed: $92,000.00
- Still to save: $62,000.00
- Time to reach the goal: 37 months (3.1 years)
Frequently asked questions
Do I need 20% down to buy a house?
No. Many buyers put down 3–10%. Below 20% on a conventional loan you will pay PMI until you reach about 20% equity.
How much are closing costs?
Typically 2–5% of the purchase price, paid by the buyer at closing. Some can be negotiated or covered by seller credits.
Should I put more down or keep cash?
A larger down payment lowers the payment and interest, but keep enough for an emergency fund and home repairs after you move in.
Last updated: · Category: Financial calculators