Free Down Payment Calculator
Calculate how much you need for a house down payment and how long to save it. Free home down payment savings planner.
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Down Payment Needed
$70,000
20% of $350,000
Still Need to Save
$50,000
Time to Goal
4y 2mo
at $1,000/month
Formula
Down Payment = Home Price × (Percentage / 100). Time to Goal = (Down Payment − Already Saved) ÷ Monthly SavingsHow the Down Payment Calculator Works
This calculator helps you figure out exactly how much you need to save for a home down payment and how long it will take based on your monthly savings rate. Enter the home price, choose your target down payment percentage, and see a clear savings timeline.
Down Payment Percentages Explained
- 3% down — the minimum for conventional loans (Fannie Mae/Freddie Mac). Best for first-time buyers with limited savings. Requires PMI.
- 3.5% down — FHA loan minimum. More flexible credit requirements. Requires mortgage insurance for the life of the loan.
- 5-10% down — a middle ground that reduces your loan while keeping cash available. Still requires PMI.
- 20% down — the gold standard. No PMI required, lower monthly payments, better interest rates, and stronger offers in competitive markets.
Tips to Save for a Down Payment Faster
- Automate your savings — set up automatic transfers to a dedicated high-yield savings account on payday
- Cut major expenses — downsizing your rental, reducing car costs, or temporarily cutting subscriptions can free up hundreds monthly
- Use windfalls wisely — tax refunds, bonuses, and gifts can accelerate your timeline significantly
- Look into assistance programs — many states and cities offer first-time homebuyer grants and down payment assistance
- Consider house hacking — buy a duplex, live in one unit, and rent the other to offset your mortgage
Don't Forget Closing Costs
Your down payment isn't your only upfront cost. Closing costs typically run 2-5% of the home price ($7,000-$17,500 on a $350,000 home). Budget for both when setting your savings goal. Some sellers may cover part of closing costs during negotiations.
Frequently Asked Questions
How much should I put down on a house?
The traditional recommendation is 20% to avoid Private Mortgage Insurance (PMI). However, many buyers put down 3-10%. FHA loans require as little as 3.5%, VA and USDA loans may require 0%. The right amount depends on your savings, monthly budget, and loan options.
What is PMI and how do I avoid it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It typically costs 0.5-1.5% of the loan amount per year ($100-300/month on a $300K loan). You can avoid it by putting 20% down, using a VA loan, or requesting PMI removal once you reach 20% equity.
Is it better to put down more or invest the difference?
It depends on interest rates. If your mortgage rate is 6.5% and you expect investments to return 8-10%, investing the difference may yield more long-term wealth. However, a larger down payment guarantees savings through lower monthly payments and no PMI. Risk tolerance matters.
Where should I keep my down payment savings?
Keep your down payment fund in a high-yield savings account (4-5% APY in 2026). Avoid investing it in stocks if you plan to buy within 1-3 years — market volatility could shrink your fund right when you need it. CDs and Treasury bills are also safe options.
How long does it take the average person to save for a down payment?
On average, it takes 5-7 years to save a 20% down payment in the US. With a median home price of ~$400,000, that's $80,000. At $1,000/month savings, it takes about 6.7 years. Some first-time buyers save faster with smaller down payments (3-5%).