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Down Payment Calculator
Find out how much cash you need for your home purchase and how long it will take to save.
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Down Payment Amount
Closing Costs
Total Cash Needed
Loan Amount
Months to Save
Years to Save
Calculated in your browser. We never see your numbers.
How to Use This Calculator
Enter your target home price, your desired down payment percentage, your monthly savings amount, and the estimated closing cost percentage (default 3%). Click Calculate to see your down payment amount, estimated closing costs, total cash needed, resulting loan amount, and how many months and years it will take to save. Adjust the inputs to explore different scenarios — for example, see how increasing your monthly savings by $500 accelerates your timeline.
Down Payment Formulas
The calculations use straightforward formulas. Down Payment = Home Price × (Down Payment % ÷ 100). Closing Costs = Home Price × (Closing Cost % ÷ 100). Total Cash Needed = Down Payment + Closing Costs. Loan Amount = Home Price − Down Payment. Months to Save = Total Cash Needed ÷ Monthly Savings (rounded up). PMI Required when down payment is less than 20%. For example, a $400,000 home with 10% down and 3% closing costs requires $40,000 down + $12,000 closing costs = $52,000 total cash.
Common Down Payment Options
3% (Conventional) — Available to first-time buyers via programs like Freddie Mac Home Possible and Fannie Mae HomeReady. PMI required. 3.5% (FHA) — Federal Housing Administration loans allow 3.5% down with a 580+ credit score. 5–10% — Common for repeat buyers; PMI applies until 20% equity is reached. 20% — The gold standard that eliminates PMI and reduces your monthly payment. 0% (VA/USDA) — No down payment required for eligible veterans, service members, or buyers in qualifying rural areas.
Tips to Save for a Down Payment Faster
Open a dedicated high-yield savings account and automate monthly transfers so savings happen before you can spend them. Cut major discretionary expenses — dining, subscriptions, and entertainment — for 12–24 months while saving aggressively. Research down payment assistance programs (DPA) offered by your state, county, or city housing agency; many provide grants or forgivable loans. Consider a gift from family members — most loan types allow gift funds for down payments with a signed gift letter. Finally, explore whether a lower price point or a different neighborhood shortens your savings timeline without compromising your goals.
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Frequently Asked Questions
How much down payment do I need to buy a house?
The minimum down payment depends on the loan type. Conventional loans typically require 3–5% for first-time buyers, 5–20% for other buyers. FHA loans require 3.5% with a credit score of 580+, or 10% with a score of 500–579. VA and USDA loans offer 0% down for eligible buyers. To avoid private mortgage insurance (PMI), you generally need at least 20% down on a conventional loan.
What are closing costs and how much should I budget?
Closing costs are fees paid at the end of a real estate transaction, typically ranging from 2–5% of the home purchase price. They include lender fees (origination, underwriting), title insurance, appraisal fees, home inspection, attorney fees, prepaid property taxes, and homeowners insurance. On a $400,000 home, expect $8,000–$20,000 in closing costs. Some lenders offer 'no-closing-cost' mortgages that roll these fees into the loan or rate.
What is PMI and how do I avoid it?
Private mortgage insurance (PMI) is required by conventional lenders when your down payment is less than 20% of the home's purchase price. PMI typically costs 0.5–1.5% of the loan amount per year — on a $320,000 loan, that's $133–$400 per month. You can avoid PMI by putting 20% or more down, using a piggyback loan (80/10/10 structure), or choosing a VA or USDA loan. Once your equity reaches 20%, you can request PMI cancellation.
What is the difference between down payment and earnest money?
Earnest money is a good-faith deposit made when you submit an offer on a home, typically 1–3% of the purchase price. It shows the seller you are serious and is held in escrow until closing. At closing, your earnest money is applied toward your down payment or closing costs. The down payment is the total upfront cash amount you pay toward the home's price at closing — it's larger and goes directly toward building equity in your new home.
How long does it take to save for a down payment?
The time to save depends on your target down payment, closing costs, and monthly savings rate. On a $400,000 home with 20% down (plus 3% closing costs = $92,000 total), saving $2,000/month takes 46 months (about 3.8 years). To speed up savings, consider cutting discretionary spending, automating transfers to a dedicated savings account, using a high-yield savings account to earn more interest, exploring down payment assistance programs, or accepting a gift from family members.
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