Numeros
Categories Financial Calculators Health Calculators Math Calculators Date & Time Construction Engineering Physics Business Education Lifestyle Converters Generators
About

Down Payment Calculator

By · Updated

Work out how much you need for a down payment on a home, and how long it'll take to save it based on what you already have and how much you can put aside each month.

Down Payment Calculator

Live
Down payment needed
$80,000.00
Resulting loan amount
$320,000.00
Time to save it
125 months
Doesn't include closing costs, which are typically paid separately, on top of the down payment.

How this is calculated

Down payment = Home price × Down payment % Loan amount = Home price − Down payment
Example

A $400,000 target home price with a 20% down payment goal: down payment needed = $80,000, leaving a $320,000 loan. Starting with $5,000 saved, adding $500/month at 3% interest: it takes about 125 months (just over 10 years) to reach $80,000.

Step-by-step guide

  1. Enter your target home price and desired down payment percentage.
  2. Enter what you've already saved toward the down payment.
  3. Enter your monthly savings amount and the interest rate on the account holding your savings.
  4. Read your timeline — try adjusting the down payment percentage to see how it changes both your loan amount and your timeline.

Common mistakes

Forgetting closing costs — these are typically paid on top of the down payment, not included in it, and can add several thousand dollars more to save for.
Assuming 20% is required — many loan programs allow much smaller down payments, though usually with added mortgage insurance until you build enough equity.

Frequently asked questions

Do I need 20% down to buy a home?

No — many conventional and government-backed programs allow much less, sometimes as low as 3-5%. Putting down less than 20% typically means paying for mortgage insurance until you build enough equity.

Where should I keep down payment savings?

For a goal within a few years, a high-yield savings account is generally safer than the stock market, since you don't want your down payment to shrink right when you need it due to market volatility.

Does a bigger down payment always make sense?

Not necessarily for everyone — a larger down payment reduces your loan and avoids mortgage insurance, but it also ties up more cash. Whether that trade-off makes sense depends on your other financial goals and emergency savings.

Related calculators

See the complete Financial Calculators guide for the full list, or try: