How It Works
The down payment amount is simply the home price multiplied by your chosen percentage; the loan amount is what's left. If you enter current savings and a monthly savings amount, the calculator also estimates how many months it would take to close the gap.
Down payments below 20% commonly trigger private mortgage insurance (PMI) on conventional loans — an added monthly cost that protects the lender, not you, until you reach 20% equity.
Formula
- HomePrice — The purchase price of the home
- Percent — Your chosen down payment percentage
Example
Example inputs: $350,000 home price, 10% down payment, $10,000 current savings, $1,000/mo savings.
Result: Down payment amount: $35,000.00. Resulting loan amount: $315,000.00. Still needed: $25,000.00 — about 25 months to save.
Frequently Asked Questions
Is 20% down always required?
No — many loan programs allow much less (some as low as 3-3.5% down), but going below 20% on a conventional loan commonly triggers PMI, an added monthly cost.
Does a bigger down payment always make sense?
It reduces your loan size, monthly payment, and total interest — but tying up more cash upfront has trade-offs too, like less liquidity for emergencies or other goals. This calculator shows the math, not the trade-off decision.
How is the time-to-save estimate calculated?
It's the remaining amount divided by your monthly savings, assuming no investment growth on those savings and no change in your monthly amount.
This calculator provides estimates for informational purposes only and should not be considered financial, tax, or legal advice.