How the Down Payment Calculator works
Plan how long it may take to save a down payment. Adjust the inputs above, then use the calculate button to generate a fresh estimate based on the numbers you entered.
The result is designed to give you a quick planning number, plus a short breakdown of the major figures behind it. You can reset the form at any time and try a different scenario.
When to use this calculator
Use this down payment calculator to set a savings target for buying a home. It helps you estimate the required down payment, your remaining savings gap and how long it may take based on your monthly savings plan.
Formula
Down payment target = home price x down payment percentage
- Target home price is the purchase price you are planning around.
- Down payment percentage is the share you want to put down.
- Already saved reduces the remaining savings gap.
- Monthly savings estimates the timeline to reach the target.
Worked example
For a $500,000 home with a 20% target down payment, the target is $100,000. If you already saved $45,000 and save $1,000 per month, the calculator estimates the remaining time.
Common mistakes
- Forgetting closing costs on top of the down payment.
- Choosing a target home price without checking affordability.
- Assuming your monthly savings rate will stay the same after rent or other costs change.
FAQs
Is 20% always required?
No. Requirements vary by country, lender and mortgage type. A smaller down payment may require mortgage insurance.
Should I include closing costs in this target?
This calculator focuses on the down payment. Build a separate cash cushion for closing costs and moving expenses.
What if I change my target price?
A higher target price raises the down payment target. Test a few prices to see what feels realistic.