Down Payment Calculator
See how much you need for a down payment and how long to save.
How Much Down Payment Do I Need?
The down payment is the portion of the home price you pay upfront; the rest is financed with a mortgage. Lenders typically require a minimum down payment—often 3–5% for some first-time programs, 10% for many conventional loans, and 20% to avoid private mortgage insurance (PMI). Our calculator takes your target home price and down payment percentage to show exactly how much you need, then uses your current savings and monthly savings amount (with an optional growth rate) to estimate how many months until you reach that goal.
Why a larger down payment helps
A bigger down payment means a smaller loan, so you pay less interest over time and often get a better rate. Putting down 20% or more usually lets you avoid PMI, which can add hundreds per month. On the other hand, saving for a huge down payment can delay buying while rents and home prices move. Use this calculator to see how long it takes at your current pace, and consider whether boosting monthly savings or adjusting your target price makes sense. Once you have a target, use our mortgage calculator to see the monthly payment on the loan amount you will need.
Balancing down payment and other goals
Do not sacrifice your emergency fund or retirement savings to max out a down payment. Keeping 3–6 months of expenses in cash and continuing to save for retirement is usually wise. Our retirement calculator and retirement savings goal can help you see the tradeoffs.
Down Payment Calculator FAQ
It depends on the loan type. FHA loans can go as low as 3.5%; conventional often 5–10% or more; 20% avoids PMI. Our calculator uses your chosen percentage and home price to show the dollar amount needed, then how many months to save given your current savings and monthly contributions.
That depends on how much you need, what you have now, and how much you save each month. Our calculator factors in an optional interest rate on your savings (e.g., high-yield account). Increase monthly savings or lower your target home price to shorten the time.
If you can reach 20% without wiping out your emergency fund or skipping retirement savings, it often makes sense—you avoid PMI and may get a better rate. If reaching 20% would take many years or force you to sacrifice other goals, a smaller down payment with PMI can still be reasonable; you can refinance or request PMI removal once you reach 20% equity.
Plan Your Full Retirement
Use our retirement calculator for Monte Carlo simulations and country-specific planning.
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