This down payment calculator works out how much cash you need to buy a home, including closing costs, and how long it will take to save it at your current pace.
How much should you put down?
Putting down 20% avoids private mortgage insurance on most conventional loans and lowers your monthly payment. Many buyers put down less; some loan programs allow 3–5% down, but the loan costs more each month.
Closing costs are separate from the down payment and are often 2–5% of the price, so plan for both.
Worked example
For a $400,000 home with 20% down and 3% closing costs, you need $92,000 in cash. With $30,000 saved, adding $1,500 a month and earning 4% interest, you would reach it in about 3 years 1 month.
Frequently asked questions
Where should I keep down payment savings?
Somewhere safe and easy to access, such as a high-yield savings account. Money you need within a few years is usually not put in the stock market.
What will my loan cost?
Use the mortgage calculator to see the monthly payment for the loan amount shown above.