Free down payment calculator
Calculate how much down payment you need and how long to save for it — enter purchase price, target %, current savings, and monthly contributions, updated live, as you type.
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Down payment requirements vary by loan type, lender, and borrower qualifications. PMI is typically required when down payment is below 20%.
Results are estimates. Consult a professional.
How the down payment calculator works
A down payment calculator answers two questions at once: how much do you need to save, and how long will it take? The first part is simple arithmetic — multiply the purchase price by your target down-payment percentage, then add estimated closing costs (typically 2–5% of the loan amount). The second part uses compound-growth math to account for the interest your existing savings earn while you keep contributing.
Where PV is your current savings balance, r is the monthly interest rate (APY ÷ 12), n is the number of months, and PMT is your regular monthly contribution. The calculator iterates n until the future value equals your target, then back-calculates the required PMT if you enter a fixed deadline instead.
CFPB — Homebuying process overviewWorked example: saving for a $400k home
Alex wants to buy a $400,000 home. The lender requires 20% down ($80,000) to avoid PMI. Estimated closing costs add another 3% ($12,000), bringing the total target to $92,000. Alex already has $20,000 saved in a high-yield account earning 4% APY and can contribute $1,500/month.
Months to save by contribution and target
The table below shows how many months it takes to reach common down-payment targets from a $0 starting balance at 4% APY. Use it as a quick sanity check before entering your own numbers.
| Monthly Savings | $40k Target | $60k Target | $80k Target | $100k Target |
|---|---|---|---|---|
| $500 / mo | 76 mo | 111 mo | 146 mo | 180 mo |
| $1,000 / mo | 39 mo | 57 mo | 75 mo | 93 mo |
| $1,500 / mo | 26 mo | 38 mo | 51 mo | 63 mo |
| $2,000 / mo | 20 mo | 29 mo | 38 mo | 47 mo |
Source: CFPB homebuying guide. Assumes 4% APY, $0 starting balance.
Tips for reaching your down payment goal faster
Saving a down payment is a focused, time-limited sprint — not a lifestyle change. A few targeted moves can shave months off the timeline.
- Park savings in a high-yield account — Online HYSAs routinely pay 4–5% APY versus 0.01% at traditional banks. On a $30k balance, that difference adds up to ~$1,200/year.
- Automate contributions on payday — Treat the down-payment transfer like a bill. Automated transfers are removed from spending money before you see it, making it far easier to stay consistent.
- Target 20% down to skip PMI — Private mortgage insurance typically costs 0.5–1.5% of the loan annually. Eliminating it frees $150–$400/month, effectively paying back your extra savings effort quickly.
- Check first-time buyer programs — State housing finance agencies offer down-payment assistance grants and low-interest second mortgages. The CFPB's homebuying tool lists programs by state.
- Save closing costs separately — Closing costs (2–5% of the loan) catch many buyers off-guard at the last minute. Model them into your target from day one so there are no surprises at the title table.
Accuracy and limitations
The calculator uses the standard compound-interest future-value formula with monthly compounding — the same math lenders and financial planners use. Results are accurate to within a month assuming contributions are made consistently. Actual timelines will vary if contributions are irregular, interest rates change, or purchase price shifts.
Not financial advice — consult a real estate professional for your specific situation.
Down payment terms defined
About this down payment calculator
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