Down Payment Savings Calculator
See how long it will take to save your down payment. Enter a home price, a target percent and what you can save each month to get a goal amount and a target month.
Summary
Months to reach your goal2 yr 8 mo
Your down payment goal is $35,000, and you have $27,000 still to save. At your pace, you would reach it in about 2 yr 8 mo, around July 2029.
- Goal reached by
- July 2029
- Down payment goal
- $35,000
- Still to save
- $27,000
Showing an example with default numbers. Change any field to see your own result.
Runs entirely in your browser. No data is stored or sent.
Charts
Tap or hover the chart to see values.
- Balance
- Target
View as table
| Year | Balance | Target |
|---|---|---|
| 2027 | $17,976 | $35,000 |
| 2028 | $28,256 | $35,000 |
| 2029 | $38,849 | $35,000 |
| 2029 | $40,645 | $35,000 |
Schedule
| Year | Deposits | Growth | Balance |
|---|---|---|---|
| 2027 | $17,600 | $376 | $17,976 |
| 2028 | $27,200 | $1,056 | $28,256 |
| 2029 | $36,800 | $2,049 | $38,849 |
| 2029 | $38,400 | $2,245 | $40,645 |
Values are rounded to whole dollars; totals use unrounded figures.
Compare scenarios
Your numbers next to common alternatives. Each column recalculates as you change the form.
| Your numbers | Save $200 more a month | 3.5% target (FHA) | 20% target | |
|---|---|---|---|---|
| Months to reach your goal | 2 yr 8 mo | 2 yr 2 mo | 6 mo | 5 yr 10 mo |
| Difference vs your numbers | — | −6 mo | −2 yr 2 mo | +3 yr 2 mo |
| Goal reached by | July 2029 | January 2029 | May 2027 | September 2032 |
| Down payment goal | $35,000 | $35,000 | $12,250 | $70,000 |
| Difference vs your numbers | — | $0 | −$22,750 | +$35,000 |
How to use it
- Enter the home price you are aiming for.
- Pick a down payment goal, such as 3.5%, 10% or 20%.
- Enter what you have saved and what you can add each month.
- Enter an expected savings return, or 0% to be cautious, and a start month.
- Read how many months it takes and the month you would reach the goal.
How do you use this down payment savings calculator?
Enter the price you are aiming for and a down payment percent, then what you have saved and what you can add each month. The calculator shows your dollar goal, how much is left, how many months it takes and the month you would get there.
Tips for each input:
- Home price: use a realistic price for the area you want, not the top of your range.
- Down payment goal: start with your likely loan’s minimum, then compare a higher goal.
- Already saved: count only money set aside for the home, not your emergency fund.
- Monthly savings: use an amount you can keep up every month, even in a tight one.
- Savings return: the yearly yield on your savings account; 0% gives a cautious answer.
- Start month: the month your plan begins. The goal date counts forward from it.
How is the savings timeline calculated?
The calculator compounds your savings monthly and adds your deposit at the end of each month until the balance reaches the goal. The goal is simply the price times your percent.
- Goal = price × down payment percent
- Still to save = goal − already saved
- Each month: balance = balance × (1 + yearly return ÷ 12) + monthly savings
- Months = the number of months until the balance reaches the goal
- Goal date = start month + months
It assumes the same deposit and return every month, no withdrawals and no taxes on interest. It does not include closing costs, moving costs or an emergency fund, and it does not adjust the price for changes in home values while you save.
What does a worked example look like?
For a $350,000 home with a 10% goal, you need $35,000. With $8,000 already saved and $800 added each month at a 3% example return, you would reach it in about 32 months. Starting in November 2026, that is around July 2029.
The goal percent changes the timeline most. Same home, same savings pace:
| Down payment goal | Dollar goal | Months to goal | Goal date (start November 2026) |
|---|---|---|---|
| 3% | $10,500 | 4 | March 2027 |
| 3.5% | $12,250 | 6 | May 2027 |
| 5% | $17,500 | 12 | November 2027 |
| 10% | $35,000 | 32 | July 2029 |
| 20% | $70,000 | 70 | September 2032 |
What does your result mean, and which rules change the goal?
Your result is how long your plan takes at a steady pace. The right goal depends on the loan you expect to use, because minimum down payments differ by program and some buyers need far less than 20%.
- VA loans can require no down payment for eligible borrowers if the price is not above the appraised value.
- Conventional 3% programs: Freddie Mac’s Home Possible and Fannie Mae’s HomeReady allow 3% down for borrowers with income at or below 80% of area median income.
- FHA loans need 3.5% down with a credit score of 580 or higher, or 10% with a score from 500 to 579, under HUD’s Handbook 4000.1.
- 20% down usually avoids private mortgage insurance on a conventional loan.
Lenders can set stricter minimums, and you still need cash for closing. The CFPB’s Loan Estimate guide explains that cash to close covers both the down payment and closing costs, minus deposits and credits.
What are the most common mistakes?
Keep these in mind when you plan:
- Forgetting closing costs. They are on top of the down payment.
- Raiding the emergency fund. Keep it separate so a surprise bill does not reset your plan.
- Counting on high returns. Short-term savings should be stable; a cautious return is safer.
- Ignoring help you may qualify for. Gifts and down payment assistance can shorten the timeline.
- Not documenting money. Lenders ask where large deposits came from, so keep records.
Where should you go next?
Once you have a goal, check what the payment would be with the mortgage payment calculator. If you are leaning toward FHA, the FHA MIP calculator shows its insurance cost, and the closing cost calculator helps you plan the rest of the cash you need.
Read more in how much down payment you need, first-time homebuyer down payment assistance and how much closing costs are.
Questions about this calculator
How long does it take to save for a down payment?
It depends on the goal and your pace. In our example, with $8,000 saved and $800 a month at 3% interest, a 10% down payment on a $350,000 home takes about 32 months. A 3.5% goal on the same home takes about 6 months.
What down payment goal should I pick?
Pick the minimum for the loan you expect, then decide if more is worth the wait. FHA needs 3.5% with a 580+ credit score, some conventional programs need 3%, and VA loans can need nothing down. Twenty percent avoids PMI on a conventional loan.
Should I include closing costs in my goal?
This calculator measures only the down payment. Closing costs are separate, so either raise the goal percent to cover them or run a second savings plan. Your Loan Estimate will show the total cash to close.
What savings return should I use?
Use the yield on the account where you keep the money, such as a savings account. Money you need within a few years is usually kept somewhere stable. Enter 0% if you want a cautious estimate.
Does a gift from family count toward my goal?
Usually, yes. FHA allows gifts from family members and some other sources, and conventional loans accept family gifts too. Add a promised gift to the 'already saved' amount only once you are sure of it, and expect to document it.
Can down payment assistance shorten the timeline?
Yes. State housing finance agencies and some local programs offer grants or second loans for down payments. Subtract the expected help from your goal, but confirm eligibility first.
What if the calculator says the goal is never reached?
That happens when you save nothing each month and earn no return. Add a monthly amount, lower the goal or pick a lower price.
Sources
- Home Possible (opens in a new tab)Freddie Mac · Checked
- B5-6-01, HomeReady Mortgage Loan and Borrower Eligibility (Selling Guide) (opens in a new tab)Fannie Mae · Checked
- FHA Single Family Housing Policy Handbook 4000.1 (opens in a new tab)U.S. Department of Housing and Urban Development · Checked
- Purchase loan (opens in a new tab)U.S. Department of Veterans Affairs · Checked
- What is private mortgage insurance? (opens in a new tab)Consumer Financial Protection Bureau · Checked
- Buying a house: Your Loan Estimate (opens in a new tab)Consumer Financial Protection Bureau · Checked
This tool gives estimates for education, not a loan offer or financial advice. Your lender’s numbers, fees and rules may differ. How we research · Disclaimer