Down Payment Calculator
What you need — and how fast you'll get there.
Down payment needed:
Still to save:
Time to save it:
How to use this calculator
Enter the home price, down payment percentage, current savings and monthly saving, then press Calculate. Target, remaining and time to save are shown.
Worked example
On a $300,000 home, a 20% down payment is $60,000. If you have $20,000 saved and can put away $1,000 a month, you need $40,000 more - exactly 40 months. The tool also shows the dollar figure you must reach, separating "what the price requires" from "what I still need."
Why 20% is the benchmark
At 20% down you avoid private mortgage insurance, which costs roughly 0.3-1.5% of the loan every year. On a $240,000 loan that can mean $1,500 or more annually - money that vanishes once you hit 20% equity.
Lower down payments exist
- FHA loans: as little as 3.5% down, but with mortgage insurance for the life of the loan.
- Conventional: from 3% for qualified first-time buyers, with PMI until 20% equity.
- VA and USDA: zero down for eligible buyers.
Frequently asked questions
Is 20% always required?
No - but below 20% you typically pay mortgage insurance. Weigh the lower entry cost against the monthly insurance premium you carry.
If your target is far off, a smaller down payment with PMI can get you into the market sooner, and you can refinance or request PMI removal once you reach 20% equity. Compare the months-to-goal against how long you plan to stay in the home before choosing.