Home Down Payment Calculator
Calculate how much you need for a down payment and how long it will take to save. See the impact of interest earned in a high-yield savings account.
Financial Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on the inputs provided. Consult a qualified financial advisor before making investment or financial planning decisions.
Inputs
Results
Down Payment Target
$80,000.00
≈ 7 years of state college
How to Use This Calculator
- Enter the home price you are targeting.
- Set the down payment percentage — 20% avoids PMI; FHA loans allow 3.5%.
- Enter your current savings already set aside toward the down payment.
- Set your monthly contribution to this goal.
- Enter the savings account interest rate (high-yield savings accounts currently offer 4-5% APY).
- Review the down payment target, remaining to save, months to goal, and interest earned while saving.
How the result changes with Home Price
| Home Price | Down Payment Target |
|---|---|
| $500,000.00 | $100,000.00 |
| $1,750,000.00 | $350,000.00 |
| $3,250,000.00 | $650,000.00 |
| $4,500,000.00 | $900,000.00 |
What each input means
- Home Price
- Target purchase price of the home you want to buy.
- Down Payment %
- Percentage of home price for down payment. 20% avoids PMI; some loans allow 3-5%.
- Current Savings
- Amount you have already saved toward the down payment.
- Monthly Contribution
- How much you can put toward your down payment fund each month.
- Savings Account Rate
- Annual interest rate on your savings account.
How this is calculated
Worked example, using the default values
- Identify Input Parameters4 parametersHome Price = 400000, Down Payment % = 20, Current Savings = 15000, Monthly Contribution = 1500 = 5 input(s) provided
- Calculate Down Payment TargetDown Payment Target80000 = $80,000
- Calculate Remaining to SaveRemaining to Save65000 = $65,000
- Calculate Months to GoalMonths to Goal39 = 39
Engine last updated . Checked against 2 independently-derived tests — how we verify calculators.
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