Down Payment Savings Calculator

Plan your path to homeownership. See how long it takes to save for a down payment with monthly contributions.

Target Home Price

Down Payment Target (%)

Current Savings

Monthly Savings

Savings Account Rate (%)

High-yield savings accounts: 3.5–5%

Time to Save 20% Down Payment

Target: $70,000.00

4 years 5 months

Down Payment Goal

$70,000.00

Still Needed

$60,000.00

Interest Earned

$7,707.19

Progress

14%

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Your Down Payment Roadmap

A down payment is the biggest hurdle for most first-time buyers. This calculator turns an overwhelming number into a clear, manageable plan with monthly milestones and a target date.

The PMI Threshold

Putting down less than 20% means paying Private Mortgage Insurance (PMI), typically 0.5-1.5% of the loan annually. On a $300,000 loan, that's $125-$375/month. Saving to 20% eliminates this cost entirely.

Frequently Asked Questions

How much should I save for a down payment?

20% is ideal to avoid PMI, but you can buy with as little as 3-5% down. Our calculator shows timelines for different down payment percentages so you can choose what works for your situation.

Where should I keep my down payment savings?

Use a high-yield savings account (currently 4-5% APY) for short-term savings (under 3 years). For longer timelines, consider CDs or a conservative investment mix.

How can I save faster for a down payment?

Increase monthly contributions (even $100/month helps), use windfalls (tax refunds, bonuses), reduce expenses, and take advantage of first-time buyer programs that may offer down payment assistance.