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Down Payment Calculator
Find out how long it will take to save the down payment for a home based on the price, your target percentage and your monthly savings.
The down payment decides two things at once: how much you must save before buying, and how big the loan (and its interest bill) will be. This calculator turns a home price and a percentage into the cash figure you need to reach.
How to use this calculator
- Enter the purchase price of the home.
- Choose or enter the down payment percentage.
- Press calculate to see the down payment amount and the remaining loan.
Why 20% is famous, and when less is fine
Putting 20% down usually removes private mortgage insurance and wins better rates. But waiting years to reach 20% while prices rise can cost more than the insurance would. Many loans work at 3.5 to 10% down; run the numbers both ways and weigh the monthly payment, not just the rule of thumb.
Frequently asked questions
What other cash do I need besides the down payment?
Closing costs (often 2 to 5% of the price), moving costs, and a cash reserve after purchase. The down payment is the largest piece, not the only one.
Does a bigger down payment always save money?
It cuts interest and the payment, yes. But draining all your savings to do it leaves you exposed; lenders also like to see reserves after closing.
Can the down payment be a gift?
Many loan programs allow gift funds from family, usually with a letter confirming it is not a loan. Check your program's rules.