Down Payment Calculator

Set your target home price, down payment goal, and timeline to see exactly how much to save each month to get there.

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How this calculator works

Rather than asking "how much will I have saved by then," this calculator works backward from your goal: tell it your target home price, your desired down payment percentage, and when you want to buy — it solves for the fixed monthly amount that gets you there, accounting for interest earned along the way.

Why 20% is the number most people aim for

Putting down 20% avoids private mortgage insurance (PMI) — an added monthly cost lenders charge when your down payment is smaller, until you build enough equity. That doesn't mean 20% is required; many loan programs accept far less. But it's worth seeing both numbers: try this calculator at 20% and again at 10% to see the real tradeoff between a bigger monthly saving push now versus PMI costs later.

Where to actually keep this money

A dedicated high-yield savings account is the right home for a down payment fund — safe, liquid, and earning real interest, unlike investing it in the market where a downturn right before your purchase date could set you back. The interest rate field here reflects that kind of account, not investment returns.