Down Payment Savings Calculator
Plan how to save up for a house down payment.
Required monthly savings
$1,297
To hit a $104,335 down payment in 5 years
Future home price
$521,673
Current savings grow to
$18,315
Still needed
$86,020
About
Pick a target home price, set how much you want to put down, and this tells you how much to save each month to hit it on time. It accounts for interest on your savings and home price growth while you save.
How to use
- Enter the target home price and down payment percentage.
- Enter how many years you plan to save.
- Enter what's already saved and your savings interest rate.
- See the monthly contribution needed.
FAQ
Do I really need 20% down?+
No. FHA loans go as low as 3.5%, conventional as low as 3%. But under 20% you'll pay PMI until you have enough equity.
Should I include closing costs?+
Add 2-5% of the home price to your goal for closing costs and reserves. The calculator has a separate field for this.