Down Payment Savings Calculator
See how much to save each month for a home down payment. Enter your target, current savings, and timeline to get a number.
Monthly savings targets are worked out in your browser; your goals and balances never leave your device.Try: Down payment target=40000, Already saved=8000, Months to closing=36 → $40,000.00, $8,000.00, 36, $888.89
How to use
Set the down payment target to the dollar amount you want, enter what is already in your house fund, and the months until you hope to close. The result is the monthly transfer to automate.
A tip from first-time buyers I know: round the monthly number up a little so surprises do not blow the plan.
FAQ
How big a down payment should I target?
Many lenders like 20% of the price to avoid private mortgage insurance, but smaller amounts still qualify. Set the goal to whatever percentage your loan officer recommends.
Do I include closing costs?
Closing costs are separate. Keep them out of "Target amount" unless you plan to save for them in the same pot.
What if home prices rise while I save?
This calculator ignores price changes. If prices are climbing, you may want to re-run every few months with a higher target.
— By Morgan Lee, budgeting writer