Down Payment Calculator (3%, 5%, 10%, or 20% Down)
Pick a home price and a down payment percentage to get your dollar target, what's left to save, and how many months your current pace takes. A side-by-side table shows how 3%, 5%, 10%, and 20% down change the cash needed and the loan.
The price range you're shopping in
Down payment target
What's already set aside for the house
What you can reliably add each month
Down payment target
$80,000
20% of $400,000
Still to save
$60,000
$20,000 down, $60,000 to go
Time to goal
6 years 3 months
at $800 per month, before any interest earned
The four common targets, side by side
| Down payment | Cash needed | Loan size | Months at your pace | PMI likely? |
|---|---|---|---|---|
| 3% | $12,000 | $388,000 | Funded | Yes |
| 5% | $20,000 | $380,000 | Funded | Yes |
| 10% | $40,000 | $360,000 | 25 | Yes |
| 20% | $80,000 | $320,000 | 75 | No |
Below 20% down, conventional lenders typically add private mortgage insurance until you build enough equity; the PMI calculator estimates what that costs and when it ends.
Simple math, one big decision
The arithmetic here is deliberately plain: your down payment target is the home price times the percentage you choose, the gap is that target minus what you've saved, and the timeline is the gap divided by your monthly saving. No growth assumptions, no guesswork. The decision hiding inside the arithmetic is the percentage itself, because it sets three things at once: the cash you need, the size of the loan you'll carry for decades, and whether lenders add private mortgage insurance to the payment, which conventional lenders typically do below 20% down.
From price tag to monthly plan
Say you're shopping at $400,000 and aiming for 10% down. That's a $40,000 target; with $20,000 already saved, the gap is $20,000, and at $800 a month you're 25 months out, a little over two years. The table below the calculator reruns that math at every common percentage: 3% needs just $12,000 but leaves a $388,000 loan, while 20% takes $80,000 and years longer to reach. There is no universally right row, only the one whose timeline and loan size you can live with. Since the timeline ignores interest, parking the fund in a high-yield account quietly shaves months off; the savings goal calculator runs the same plan with compounding included.
Why the percentage is not the whole bill
The down payment is the headline number, but closing day has a supporting cast: lender fees, title work, escrow deposits, and prepaid taxes and insurance typically add roughly 2-5% of the price, which the closing cost calculator estimates line by line. Buyers who save exactly the down payment amount end up either raiding their emergency fund or asking the seller for credits at the worst possible moment. Treat the house fund like a project budget: down payment, plus closing costs, plus a first-year repair cushion. Our guide to saving for a down payment covers where to keep the money and how to automate the monthly slice.
Frequently asked questions
Is 20% down required to buy a house?
No. Conventional loans go as low as 3% down for qualified buyers, and other programs sit near 3.5% or even zero for eligible borrowers. What 20% buys you is no private mortgage insurance, a smaller loan, and stronger offers. It's a trade-off, not a rule.
How much should I save for a down payment?
Pick the percentage that balances speed and monthly cost for you. A smaller down payment gets you in sooner but means a bigger loan and usually PMI; 20% costs more upfront and takes longer to save. Many first-time buyers land between 5% and 10%. The right answer is the one that still leaves your emergency fund intact.
Do I need cash beyond the down payment?
Yes. Closing costs typically add roughly 2-5% of the purchase price, and you'll want moving costs and a maintenance cushion on top. A good rule: the house fund isn't done when it hits the down payment number, it's done when it covers closing day and the first surprise repair.
Where should down payment savings live?
Somewhere boring and liquid. For money you'll spend within a few years, high-yield savings accounts and CDs protect the balance while earning interest; the stock market can drop 20% the year you need the cash. Match the account to the timeline, not to the best possible return.
Does this calculator include interest on my savings?
No, it divides the remaining gap by your monthly saving, so the timeline is slightly pessimistic. Interest speeds things up, especially over multi-year horizons. For a version that compounds your balance while you save, use the savings goal calculator.
Does this calculator save my numbers?
No. Everything runs in your browser and nothing you type is stored or sent anywhere.
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