House Down Payment Calculator
Work out the down payment you need and how long it will take to save for it.
3.5% is the FHA minimum · 20% avoids PMI
Your Savings Plan
A high-yield account speeds it up
Time to Reach Your Goal
2 yr 9 mo
Saving $1,500/mo toward a $80,000 goal
At 20% or more down, no private mortgage insurance — you skip a monthly fee that smaller down payments pay until they reach 20% equity.
💡Remember closing costs — typically 2–5% of the price — are extra cash needed on top of the down payment. Estimate your closing costs →
🏡A bigger down payment lowers both your loan and your monthly payment. See what home price this supports →
Savings Goal
$80,000
20% down payment
Still to Save
$55,000
$25,000 saved so far
Loan Amount
$320,000
What you'd borrow
PMI Status
Not required
20%+ down
Savings Progress
Your balance growing month by month toward the $80,000 goal — including 4% interest on savings.
How to use this calculator
The calculator has two modes — switch with the toggle at the top:
- How long will it take? — enter how much you save each month, and it tells you when you’ll reach the goal.
- I want to buy by a date — enter your target date, and it tells you how much to save each month to hit it.
Then:
- Enter your target home price and choose a down-payment percentage — 3.5% is the FHA minimum, 20% avoids PMI.
- Enter how much you’ve saved so far and your savings interest rate — a high-yield account speeds things up.
- Optionally tick “also save for closing costs” to fold an estimate into the goal.
The calculator shows the savings goal, the timeline (or required monthly saving), a progress chart, whether you clear the 20% PMI threshold, and the estimated monthly PMI cost if you don’t.
How it works
The down payment is a percentage of the home price; the rest is the mortgage. The calculator works out:
- The savings goal — the down-payment dollar amount, plus an estimated closing-cost percentage when you choose to include it.
- The timeline — your balance is simulated month by month, earning interest on the savings rate you set, until it reaches the goal. In reverse mode, the same maths is inverted to solve for the monthly deposit needed by your target date.
- The PMI check — whether the down payment reaches 20% of the home price. Below 20% on a conventional loan, the lender adds private mortgage insurance; the calculator shows both the dollar gap to 20% and a rough monthly PMI cost.
The limits of an estimate
This is a savings plan, not a guarantee. It assumes a steady monthly savings amount, a fixed home price, and a constant interest rate — but prices move, rates change, and life interrupts saving. The PMI figure and the closing-cost estimate are mid-range approximations; your actual numbers depend on your credit, loan and location. Use this to set a realistic target and timeline, then revisit it as your savings and the market change.
Frequently Asked Questions
How much should I put down on a house? ▾
There is no single right answer, but the key threshold is 20%. Putting down 20% or more lets you avoid private mortgage insurance (PMI), gives you a smaller loan and lower monthly payment, and makes your offer stronger. That said, you do not need 20% to buy: conventional loans allow as little as 3%, and FHA loans 3.5%. A smaller down payment gets you into a home sooner but adds PMI and a larger loan. This calculator shows the trade-off for any percentage you choose.
What is the minimum down payment to buy a house? ▾
It depends on the loan type. Conventional loans can go as low as 3% down for qualified buyers. FHA loans require 3.5%. VA loans (for eligible veterans and service members) and USDA loans (for eligible rural buyers) can require 0% down. These minimums let buyers enter the market sooner, but any down payment below 20% on a conventional loan means paying private mortgage insurance until you reach 20% equity.
What is PMI and how do I avoid it? ▾
PMI — private mortgage insurance — is a monthly fee a lender adds when your down payment on a conventional loan is below 20%. It protects the lender, not you, and typically costs a few hundred dollars a month depending on the loan. You avoid it entirely by putting down 20% or more. If you start below 20%, PMI usually drops off automatically once your loan balance falls to 78% of the home's original value, or you can request its removal at 20% equity.
How long will it take me to save for a down payment? ▾
That depends on the size of the down payment and how much you can set aside each month. This calculator divides the amount still needed — your target minus what you've already saved — by your monthly savings rate to give a timeline. Saving for a down payment is one of the biggest hurdles to buying a home, so the calculator lets you test different home prices, down-payment percentages and monthly savings amounts to find a realistic plan.
Should I save 20% or buy sooner with less down? ▾
It is a genuine trade-off. Waiting to reach 20% avoids PMI and gives you a smaller loan, but it also means more years of paying rent and risking that home prices rise faster than you save. Buying sooner with less down gets you building equity earlier, at the cost of PMI and a bigger loan. There is no universally correct choice — it depends on how fast prices are moving in your area, how quickly you can save, and how much the PMI would cost. Use this calculator to put real numbers on both paths.
Does the down payment include closing costs? ▾
No — they are separate. The down payment is the share of the home price you pay upfront and is not borrowed. Closing costs are the one-time fees for processing the loan and transferring the property — typically 2–5% of the price — and are due at closing on top of the down payment. Because both are real cash you need, this calculator has an optional 'also save for closing costs' setting that folds an estimate into your savings goal, giving a more complete picture of the cash you must save.
How much does PMI cost per month? ▾
Private mortgage insurance typically costs between 0.5% and 1.5% of the loan amount per year, paid monthly — the exact rate depends mainly on your credit score and how far below 20% your down payment is. On a $320,000 loan that is roughly $130 to $400 a month. This calculator shows an estimate based on a mid-range rate whenever your down payment is below 20%, so you can weigh the cost of PMI against the effort of saving more. PMI is not permanent: it usually drops off once you reach 20% equity.
Does earning interest on my savings help me reach the goal faster? ▾
Yes. If you keep your down-payment savings in a high-yield savings account or a CD instead of a checking account, the interest compounds and you reach your goal sooner — or need to set aside slightly less each month. This calculator has a savings interest rate field so you can model that. The effect is modest over a year or two but grows the longer your timeline, and it costs nothing to use an interest-bearing account for money you are saving anyway.