A walkthrough, end to end.
- 1
Enter the home price you're targeting and the percent down you want.
- 2
Enter your current savings, monthly contribution, and savings APY.
- 3
The calculator returns the down payment amount, gap to close, and the months needed to reach the goal.
Down payment + savings projection
Target = Price × pct. With current savings P, monthly deposit C, monthly rate r, the future value after n months is P·(1+r)^n + C·((1+r)^n − 1)/r. Solve for n where FV = target.
What you can do with this.
20% down on a starter home
$300K home × 20% = $60K target. With $10K saved and $1,500/mo contributions at 4.5% APY, you'd hit it in ~33 months. Skipping the 20% milestone (10–15% down) speeds the timeline but adds PMI.
FHA 3.5% down minimum
FHA loans accept down payments as low as 3.5% with mortgage insurance. Lower barrier to entry but higher long-term cost. The calculator helps you size the gap to FHA minimum quickly.
Conventional 5% / 10% down
Conventional loans accept 5% down (3% for first-time buyers via some programs). PMI applies until 20% equity. Often the right balance between speed of buying and avoiding PMI for too long.
Saving alongside other goals
Don't drain emergency funds or stop retirement contributions to accelerate down payment savings. The calculator helps you plan a realistic monthly contribution that doesn't compromise other priorities.
First-time buyer assistance programs
Many states offer down payment assistance grants or low-interest second mortgages. Look up your state's housing finance agency — these can shrink the savings target dramatically.
Timeline acceleration with windfalls
Tax refunds, bonuses, or stock vesting can leap-frog the timeline. Each $5K lump shaves several months off the savings goal. The calculator helps quantify which windfalls matter most.
Closing costs on top
Closing costs are typically 2–5% of price, on TOP of down payment. On $300K that's $6–15K. Save for both — running out of cash at closing forces uncomfortable last-minute scrambles.
Down payment 2026 — what's current
Median first-time buyer down payment is ~6%; median repeat buyer ~17% (NAR 2026 data). The classic 20% target has become aspirational rather than typical. Adjust your savings target to your real intent.
Frequently asked.
Avoiding PMI is the main benefit — saves ~$50–250/mo on a typical loan. For most buyers, getting into a home faster (with PMI) and refinancing or paying down to 20% later is the better strategy.
Add 2–5% of home price to your savings target. On a $400K home, that's an extra $8–20K above the down payment. Many first-time buyers underestimate this.
If you're 5+ years from buying, maybe. Under 5 years: high-yield savings or short-term CDs only — equity-market downside risk in a 1–3 year window can wipe out years of savings progress.
No. Calculations run entirely in your browser.