Down Payment Savings Calculator
Set your target home price, enter your current savings and monthly contribution, and see exactly how long it will take to reach your down payment goal.
Down Payment Scenarios
| Down Payment | Amount Needed | Monthly at Current Rate | Months to Goal |
|---|---|---|---|
| 3.5% (FHA) | $12K | $1,000 | Already saved |
| 5% | $18K | $1,000 | 3 months |
| 10% | $35K | $1,000 | 19 months |
| 15% | $53K | $1,000 | 34 months |
| 20% (No PMI) | $70K | $1,000 | 48 months |
Savings Milestones
Month-by-Month Savings Schedule
| Month | Contribution | Interest | Balance | % of Goal |
|---|---|---|---|---|
| April 2026 | $1,000 | $56 | $16K | 46% |
| May 2026 | $1,000 | $60 | $17K | 49% |
| June 2026 | $1,000 | $64 | $18K | 52% |
| July 2026 | $1,000 | $68 | $19K | 55% |
| August 2026 | $1,000 | $72 | $20K | 58% |
| September 2026 | $1,000 | $76 | $21K | 61% |
| October 2026 | $1,000 | $80 | $22K | 64% |
| November 2026 | $1,000 | $84 | $24K | 67% |
| December 2026 | $1,000 | $88 | $25K | 70% |
| January 2027 | $1,000 | $92 | $26K | 74% |
| February 2027 | $1,000 | $97 | $27K | 77% |
| March 2027 | $1,000 | $101 | $28K | 80% |
Acceleration Strategies
| Scenario | Monthly Savings | Months to Goal | Time Saved |
|---|---|---|---|
| Current rate | $1,000 | 19 months | — |
| +$200/mo | $1,200 | 16 months | 3 months faster |
| +$500/mo | $1,500 | 13 months | 6 months faster |
Don't Forget Closing Costs
In addition to your $35K down payment, budget $11K for closing costs (estimated 2-4% of purchase price).
Total cash needed at closing: approximately $46K.
Estimate your closing costs →Saving for a Down Payment
How much you really need for a down payment depends on your loan type and financial goals. FHA loans require as little as 3.5% down, conventional loans start at 3-5%, and putting 20% down eliminates private mortgage insurance (PMI) entirely. The sweet spot depends on your cash reserves, monthly budget, and how quickly you want to buy. There is no single right answer — only the right answer for your situation.
Where you keep your down payment savings matters. A high-yield savings account (HYSA) is the best choice for most buyers, offering competitive interest rates with zero risk to principal. CDs and money market accounts are also solid options. Avoid investing your down payment fund in stocks or crypto — the potential for short-term losses is too high when you need the money on a specific timeline.
Every state offers down payment assistance programs for qualifying buyers, and many cities and counties have their own programs as well. These can include grants, forgivable loans, and below-market-rate second mortgages. Check our state-by-state guides for programs available in your area.
Creative strategies can accelerate your savings. Some employers offer homebuyer assistance as a benefit. Family members can gift funds for your down payment (with a gift letter). First-time homebuyers can withdraw up to $10,000 from a traditional IRA penalty-free for a home purchase. And seller concessions can cover some closing costs, freeing up more of your savings for the down payment itself.