Down Payment Calculator
How much do you need to save for a down payment? Calculate by target home price, percent down, and timeline.
What is Down Payment Calculator?
The down payment calculator shows how much you need to save for a home, how much you still need, and a monthly savings target to hit your timeline. Plus rough closing costs (typically 2-5% of price).
Formula
Total down = price × percent. Remaining = total − already saved. Monthly = remaining / months. Closing estimate = 3% of price (varies 2-5%).
Worked example
$400k home, 20% down, $10k already saved, 24 months to buy:
- Down payment: $80,000
- Remaining: $70,000
- Save per month: $2,917
- Closing (3%): $12,000
- Total cash at closing: $92,000
How to use this calculator
- Enter target home price.
- Pick down percentage (3.5% FHA min, 5% conventional, 20% to avoid PMI, more for jumbo loans).
- Enter what you already have saved and your target months to purchase.
Frequently asked questions
How much down payment do I really need?
FHA: 3.5% min (with mortgage insurance). Conventional: 3-5% min. To avoid PMI: 20%. Jumbo loans: often 10-20%. VA loans: 0% for veterans.
Is 20% down still required?
No — you can buy with much less. But under 20% means PMI (private mortgage insurance), typically 0.3-1.5% of loan annually. PMI is removable once you reach 20% equity.
What about closing costs?
Typically 2-5% of price. Includes loan origination, appraisal, inspections, title insurance, escrow setup, and prepaid items. Some can be wrapped into the loan or paid by seller in negotiations.
Should I keep a reserve after closing?
Yes. Most lenders want 2-6 months of mortgage payments in reserves at closing. Plus you'll want emergency funds beyond that. Don't close with $0 in the bank.