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.

Formula shown below · Tested against worked examplesHow we verify

Home price

Down payment

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

Closing costs

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

Saved so far

Saving per month

Return on savings

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

Compare scenariosTry three values of one input

Vary

Down Payment Calculator results for three values of Home price
Home price
Cash needed to buy	$82,800	$92,000+$9,200	$101,200+$18,400
Down payment	$72,000	$80,000+$8,000	$88,000+$16,000
Closing costs	$10,800	$12,000+$1,200	$13,200+$2,400
Still to save	$62,800	$72,000+$9,200	$81,200+$18,400
Time to reach it	3 years 2 months	3 years 7 months+5 months	4 years+10 months

Every other input stays at the value you set above — currently $400,000 for home price. Differences are measured against the first column.

Saved scenariosSave this calculation

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Saved in this browser only — no account, and nothing is sent to us. Clearing your browser data deletes them.

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.

Formula

Down payment = Price × pct
Cash needed  = Down payment + Closing costs
Months       = Cash needed ÷ Monthly saving

pct: Down payment percentage, as a decimal
Closing costs: Typically 2–5% of the price, due in cash on the same day

The second line is the one people miss. Reaching a 20% target and then discovering another $12,000 is due at closing is a common and entirely avoidable failure.

What this assumes

The target is the down payment only. Closing costs of 2–5% are due in cash on the same day and are not included here.
Savings grow at the rate you enter, with no withdrawals along the way.
The purchase price is fixed. In a rising market the target moves while you save, which this does not model.

What changes this number

The percentage you aim for: 20% removes PMI, but conventional loans start near 3% — the gap is often several years of saving.
Monthly amount saved: The only input fully under your control, and the one that decides the date.
Return on savings: Small over a short horizon. This money belongs somewhere safe, so the return should be modest by design.

A worked example

Take the 3% down starter scenario. These figures are produced by the calculator above, not written alongside it, so they always match what the tool returns.

What you enter

Home price: $350,000
Down payment: 3%
Saved so far: $5,000
Saving per month: $800

What it returns

Cash needed to buy: $21,000
Down payment: $10,500
Closing costs: $10,500
Still to save: $16,000
Time to reach it: 1 year 8 months

Sources

This calculator uses no external data — the result follows entirely from the formula above and the values you enter, so there is nothing to cite beyond the arithmetic.

Calculator last reviewed August 9, 2026. How we verify

Try an example

3% down starter 20% to skip PMI Already saved up

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.

This calculator helps answer

Can I afford this house?

Work out what a home actually costs you each month — payment, taxes, insurance, PMI — and whether a lender would approve it. Four calculators, in the order they matter.