Down Payment Calculator
Calculate your required down payment and find out how long it will take to save. Enter your target home price, desired down payment percentage, monthly savings amount, and current savings to create a realistic savings timeline.
Down Payment Calculator
FAQ
How much do I need for a down payment?
The traditional recommendation is 20% to avoid PMI (Private Mortgage Insurance). However, FHA loans require as little as 3.5%, conventional loans can go as low as 3%, and VA loans may require 0% down. A larger down payment means lower monthly payments and less interest over time.
Should I invest my savings while saving for a down payment?
For short-term savings (1-3 years), a high-yield savings account or CD is safest. For longer timelines (5+ years), conservative investments might grow your savings faster, but carry risk. Use the annual return rate field to model different scenarios.
What is PMI and how do I avoid it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It typically costs 0.5-1% of the loan annually. You can avoid PMI by saving a 20% down payment, using a VA loan, or requesting PMI removal once you reach 20% equity.