Free calculator · instant results · no signup
Down Payment Savings Calculator
Set your target home price, down payment goal, and monthly savings rate. See exactly when you'll hit your goal — including closing costs and investment growth.
Educational calculators — always consult a licensed professional before making financial decisions.
This sets your down payment goal.
20% avoids PMI. FHA allows 3.5%. Conventional minimum is 3–5%.
Include savings accounts, CDs, or other funds set aside for this goal.
Be realistic — this is what you'll consistently set aside.
HYSA: ~4.5%, Conservative bond fund: ~5%, Index fund: ~7–10%.
Time to goal
3yr 7mo
Save $1,500/mo to reach $92,000
Savings breakdown
Projections assume consistent monthly contributions and a steady return rate. Actual investment returns vary. Closing costs estimated at 3% of home price.
Your Saved Scenarios
No saved scenarios yet
What you'll need
- ·Target home price
- ·Down payment percentage (3%, 10%, 20%, etc.)
- ·Current savings toward this goal
- ·How much you can save each month
- ·Expected annual return on your savings
What you'll get
- ✓Time to reach your goal — Months and years to save up
- ✓Total cash needed — Down payment + closing costs
- ✓Investment growth — How much your money earns
- ✓Complete savings breakdown — Contributions vs growth
How it works
Set your target
Enter your target home price and desired down payment percentage.
Enter current savings
Include what you've already saved toward this goal.
Get your timeline
See exactly how long to reach your target based on your monthly savings rate.
Down Payment by Home Price
| Home Price | 3.5% (FHA) | 10% | 20% |
|---|---|---|---|
| $250,000 | $8,750 | $25,000 | $50,000 |
| $350,000 | $12,250 | $35,000 | $70,000 |
| $450,000 | $15,750 | $45,000 | $90,000 |
| $600,000 | $21,000 | $60,000 | $120,000 |
20% down avoids PMI. FHA minimum is 3.5% with qualifying credit score.
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
About this calculator
How much do I need to save for a down payment?+
Your down payment goal depends on your loan type. Conventional loans require 3–20% down. FHA requires 3.5%. VA and USDA allow 0% down. A 20% down payment eliminates PMI, saving $100–$300/month, but it's not required to buy a home.
Where should I save my down payment?+
For a 1–2 year timeline, a high-yield savings account (HYSA) at 4–5% is ideal — it's safe and liquid. For 3+ years, you might consider I-bonds or conservative bond funds. Avoid stock market investments for short timelines due to volatility risk.
Should I include closing costs in my savings goal?+
Yes — closing costs typically run 2–5% of the home price and must be paid at closing in cash. Budget for both your down payment and closing costs. Some loans allow sellers to cover closing costs (seller concessions), but don't count on it.
Does a larger down payment lower my mortgage rate?+
Often yes. Putting 20% down eliminates PMI and can get you a slightly better rate. Going from 5% to 20% down typically improves your rate by 0.125–0.25%. For conventional loans, the relationship between LTV and rate is tiered — the bigger improvements come at the 10%, 20%, and 25% thresholds.
What are the best first-time buyer programs for down payment assistance?+
State Housing Finance Agency (HFA) programs offer down payment assistance grants and second mortgages in every state. FHA loans allow 3.5% down with gift funds. Fannie Mae HomeReady and Freddie Mac Home Possible allow 3% down with reduced PMI. Check your state's HFA website and ask lenders about local assistance programs.
Want to try different numbers?
Back to the calculator ↑Read next
Appraisal Came in Low? Your Appraisal Gap Options
What to do when a home appraises below your offer — renegotiate, split the difference, pay the gap in cash, or walk — plus appraisal gap coverage and how to request a reconsideration of value.
How Much Money Do You Need to Buy a $300,000 House?
The full cash-to-close breakdown for a $300k home in 2026 — down payment options, closing costs, earnest money, reserves, and first-year costs, recalculated at the current Freddie Mac rate.
How Much Cash to Buy a House?
Every line of cash a $400k purchase requires in 2026 — down payment scenarios (3%, 3.5% FHA, 5%, 10%, 20%), closing costs, earnest money, reserves, and first-year costs — with the arithmetic shown. Includes $300k and $500k versions and a printable worksheet.
How Much Money Do You Need to Buy a $500,000 House?
The full cash-to-close breakdown for a $500k home in 2026 — down payment options, closing costs, earnest money, reserves, and first-year costs, recalculated at the current Freddie Mac rate.
Down Payment Assistance: Grants & Programs Explained
How assistance works in 2026 — grants, forgivable second loans, repayable seconds, and mortgage credit certificates — who qualifies, how it stacks with your mortgage, and the repayment catches.
How Much Earnest Money Should You Put Down?
How much to offer (typically 1–3% of price), where it's held, when it's refundable through your contingencies, when you forfeit it, and how it's credited toward your down payment at closing.
First-Time Buyer FAQ
The 30 questions first-time buyers actually ask — how much to put down (the median is 10%, not 20%), what closing costs really run, who can pay them, when PMI ends, and what changes the month you get the keys. Sourced 2026 figures, with a calculator for every answer.
First-Time Home Buyer Guide
The complete first-time buyer journey for 2026 — from deciding whether to buy through getting the keys and your first year: every step and cost, FHA/conventional/VA/USDA loans, down-payment assistance, and a free calculator at each phase.
How Much House Can I Afford on $100,000 a Year?
The price range a $100,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
How Much House Can I Afford on $120,000 a Year?
The price range a $120,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
How Much House Can I Afford on $60,000 a Year?
The price range a $60,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
How Much House Can I Afford on $75,000 a Year?
The price range a $75,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
How Much House Can I Afford on $80,000 a Year?
The price range an $80,000 salary supports in 2026, by down payment, with the full monthly payment behind it and every assumption shown at the current Freddie Mac 30-year rate.
True Cost of Buying a Home
Every cost of buying, stage by stage — the roughly $700 you spend on an inspection and appraisal before you own anything, earnest money, the 2%–5% at closing, move-in, and the first year of ownership. A master cost table links each line to the calculator that prices it.
Down Payment Savings Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.