Down Payment Calculator
See how much you need to save for a down payment and how long it will take.
| Down % | Down Amount | Loan Amount | Monthly P&I | PMI/mo | Total 30yr Cost |
|---|
See how much you need to save for a home down payment at several common percentages, and how long it will take based on your current savings and monthly contributions.
How Down Payment Calculator Works
The calculator computes the required down payment at four common thresholds — 3%, 5%, 10%, and 20% of the home price — since these percentages correspond to typical minimums for different loan programs (as low as 3% for certain conventional programs, 3.5% for FHA, and 20% to avoid private mortgage insurance on a conventional loan).
For each threshold, it subtracts your current savings from the target amount to find the remaining gap, then divides that gap by your monthly savings contribution to estimate how many months (and years) it will take to reach that down payment level.
The 30-year cost comparison table shows how your monthly principal & interest payment and estimated PMI change across the same down payment percentages, since a larger down payment not only reduces the loan amount but can eliminate PMI entirely once you reach 20% down.
See It In Action
Who Uses Down Payment Calculator and Why
- Figuring out how many months it will take to save a 20% down payment given your current savings and monthly contribution.
- Comparing how much faster you could buy with a smaller FHA-style down payment (3.5%) versus a traditional 20% down payment.
- Seeing how a larger down payment reduces both your monthly principal & interest payment and eliminates PMI.
- Setting a realistic monthly savings target based on how quickly you want to reach a specific down payment threshold.
Mistakes to Avoid
- Assuming 20% down is always required to buy a home — many programs allow far less, including 3% for certain conventional loans, 3.5% for FHA loans, and 0% for eligible VA or USDA loans; 20% simply avoids PMI and can secure slightly better terms.
- Ignoring the ongoing cost of PMI when comparing a faster, smaller down payment against a longer savings timeline for 20% down — the 30-year cost comparison table shows this monthly trade-off directly, and it\'s easy to focus on the down payment gap alone.
- Not updating the monthly savings contribution figure as your budget changes — the time-to-save estimate is directly proportional to it, so a stale number will throw off the projected timeline.
Tips for Best Results
- Compare the time-to-save across all four thresholds (3%, 5%, 10%, 20%) side by side rather than fixating on 20% alone — the gap in savings time between them can be much smaller than the gap in down payment amount.
- Weigh the monthly PMI cost of a smaller down payment against the extra months (or years) of rent (or lost time in the market) it would take to reach 20% down — this calculator quantifies both sides but doesn\'t make the call for you.
Fixing Common Problems
The time-to-save for 20% down looks much longer than I expected. — Check your monthly savings contribution figure — the estimate divides the remaining gap by that number directly, so a modest monthly contribution on a large home price will naturally produce a long timeline; try comparing against a lower down payment threshold instead.
Terms Explained
PMI (Private Mortgage Insurance): Insurance required on most conventional loans with less than 20% down, which can typically be removed once you reach 20% equity.
Down payment gap: The difference between your target down payment amount and your current savings.