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Calculate how much you need to save and how long it will take
A down payment is the upfront portion of a home purchase price paid in cash, with the remainder financed through a mortgage. A 20% down payment eliminates Private Mortgage Insurance (PMI) and reduces monthly payments and total interest.
Down Payment Needed (20%)
$80,000.00
Still Needed
$50,000.00
Months to Goal
34 mo
Estimated Cash Needed at Closing
$88,000.00 – $100,000.00
(Down payment + 2–5% closing costs)
| Price | 3% | 5% | 10% | 20% |
|---|---|---|---|---|
| $200,000 | $6,000 | $10,000 | $20,000 | $40,000 |
| $300,000 | $9,000 | $15,000 | $30,000 | $60,000 |
| $400,000 | $12,000 | $20,000 | $40,000 | $80,000 |
| $500,000 | $15,000 | $25,000 | $50,000 | $100,000 |
| $600,000 | $18,000 | $30,000 | $60,000 | $120,000 |
Formula
Months to Goal = (Down Payment − Current Savings) ÷ Monthly SavingsDown Payment = Home Price × Down Payment Percentage
Current Savings = Amount already saved toward down payment
Monthly Savings = Amount you can save each month
Worked Example
$400,000 home, 20% down, $30,000 saved, saving $1,500/month
Did you know? The median down payment for first-time homebuyers in the US was 8% in 2023, while repeat buyers put down a median of 19%. Only 23% of first-time buyers put down 20% or more (source: National Association of Realtors 2023 Profile of Home Buyers and Sellers).
Sources
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