Down Payment Savings Calculator
Set your target home price, down payment goal, and monthly savings rate. See exactly when you'll hit your goal — including closing costs and investment growth.
What you'll need
- Target home price
- Down payment percentage (3%, 10%, 20%, etc.)
- Current savings toward this goal
- How much you can save each month
- Expected annual return on your savings
What you'll get
Time to reach your goal
Months and years to save up
Total cash needed
Down payment + closing costs
Investment growth
How much your money earns
Complete savings breakdown
Contributions vs growth
How it works
Set your target
Enter your target home price and desired down payment percentage.
Enter current savings
Include what you've already saved toward this goal.
Get your timeline
See exactly how long to reach your target based on your monthly savings rate.
Down Payment by Home Price
| Home Price | 3.5% (FHA) | 10% | 20% |
|---|---|---|---|
| $250,000 | $8,750 | $25,000 | $50,000 |
| $350,000 | $12,250 | $35,000 | $70,000 |
| $450,000 | $15,750 | $45,000 | $90,000 |
| $600,000 | $21,000 | $60,000 | $120,000 |
20% down avoids PMI. FHA minimum is 3.5% with qualifying credit score.
Frequently asked questions
How much do I need to save for a down payment?
Your down payment goal depends on your loan type. Conventional loans require 3–20% down. FHA requires 3.5%. VA and USDA allow 0% down. A 20% down payment eliminates PMI, saving $100–$300/month, but it's not required to buy a home.
Where should I save my down payment?
For a 1–2 year timeline, a high-yield savings account (HYSA) at 4–5% is ideal — it's safe and liquid. For 3+ years, you might consider I-bonds or conservative bond funds. Avoid stock market investments for short timelines due to volatility risk.
Should I include closing costs in my savings goal?
Yes — closing costs typically run 2–5% of the home price and must be paid at closing in cash. Budget for both your down payment and closing costs. Some loans allow sellers to cover closing costs (seller concessions), but don't count on it.
Does a larger down payment lower my mortgage rate?
Often yes. Putting 20% down eliminates PMI and can get you a slightly better rate. Going from 5% to 20% down typically improves your rate by 0.125–0.25%. For conventional loans, the relationship between LTV and rate is tiered — the bigger improvements come at the 10%, 20%, and 25% thresholds.
What are the best first-time buyer programs for down payment assistance?
State Housing Finance Agency (HFA) programs offer down payment assistance grants and second mortgages in every state. FHA loans allow 3.5% down with gift funds. Fannie Mae HomeReady and Freddie Mac Home Possible allow 3% down with reduced PMI. Check your state's HFA website and ask lenders about local assistance programs.
Ready to plan your path to homeownership?
Build My Savings Timeline →State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee