DayCents

Mortgages

Down Payment Calculator

The down payment is only part of the cash you need to buy. Add closing costs and the real number climbs. Enter the home price and your savings plan to see the full upfront cash, what you're still short, and how long — at your current pace — until you're ready to buy.

20% avoids PMI; many loans allow 3–5%.

Typically 2–5% of the price on top of the down payment.

A high-yield savings account or money market — keep it conservative for near-term goals.

Cash needed to buy

$92,000

Down payment plus estimated closing costs.

Down payment
$80,000
Closing costs
$12,000
Still to save
$72,000
Time to reach it
3 years 7 months

At your current saving pace and return.

How this calculator works

Cash needed = home price × down-payment % + home price × closing-cost %. Time to reach it solves how many months of your contribution, growing at your return rate, are needed to close the gap between your current savings and the cash needed.

Closing costs vary by state, lender, and loan — confirm your actual figure with a Loan Estimate. The projection assumes a steady monthly contribution and return, and doesn't model PMI or lender credits.

Try an example

Frequently asked questions

How much of a down payment do I need?

It depends on the loan. Conventional loans can go as low as 3% down, FHA loans 3.5%, and VA and USDA loans as low as 0% for those who qualify. Putting down 20% lets you skip private mortgage insurance (PMI) and shrinks the loan, but it's not required — many first-time buyers put down far less.

What are closing costs?

One-time fees to finalize the purchase — lender fees, appraisal, title insurance, taxes, and escrow setup — usually 2–5% of the price, paid on top of your down payment. On a $400,000 home that's roughly $8,000–$20,000, so they're a real part of the cash you need.

Should I put down more or keep cash in reserve?

Lenders like to see cash reserves after closing, and an emergency fund matters more than a bigger down payment. A larger down payment lowers your payment and drops PMI, but draining every dollar to reach 20% can leave you exposed. Balance the two.

Where should I keep my down-payment savings?

For a goal within a few years, safety beats yield — a high-yield savings account, money market fund, or short CDs, not the stock market. That's why this calculator defaults to a conservative return: you don't want a market dip right before you buy.

Disclaimer: DayCents provides this calculator for educational purposes only. Results are estimates based on your inputs and the stated assumptions — they are not financial advice, a quote, or an offer of credit. Consult a qualified financial professional before making major money decisions.