Plan your path to homeownership. Estimate the down payment, closing costs, and savings timeline using the assumptions you enter.
Usually 2-5% of purchase price
Many first-time buyers forget about closing costs. These are fees for things like the appraisal, inspection, title search, and loan origination. By factoring them in now, you'll ensure you don't run short when it's time to sign the papers. The estimate runs in your browser and does not connect to a lender account; review the Privacy Policy because standard site services may still make network requests.
Required Deposit
$0
Estimated Closing Costs
$0
Total Amount Needed
$0
Remaining to Save
$0
Goal reached!
You have enough saved for your down payment and closing costs.
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This tool calculates the cash you need upfront to purchase a home, including the down payment percentage, closing costs (typically 2-5% of the purchase price), and PMI implications. It also projects how long it will take to save your target amount based on your current savings rate. Plan your complete purchase with our mortgage calculator.
First-time homebuyers determining how much to save, renters evaluating whether to rent or buy, and current homeowners considering a move. Also useful for parents helping children plan for their first home purchase.
Example Input
Home price: $420,000. Down payment target: 20%. Current savings: $35,000. Monthly savings capacity: $1,500.
Sample Output
Required down payment: $84,000. Additional savings needed: $49,000. Time to reach goal: 33 months (2 years 9 months). Estimated closing costs (3%): $12,600. Total cash needed at closing: $96,600.
Example Input
Home price: $300,000. Down payment: 3.5% (FHA minimum). Credit score: 620+.
Sample Output
Down payment: $10,500. PMI/MIP: ~$190/month for the life of the loan. Closing costs: ~$9,000. Total upfront cash: ~$19,500. Note: FHA loans require mortgage insurance for the entire loan term, unlike conventional loans where PMI drops at 80% LTV.
Use it to compare the true cost of 5%, 10%, and 20% down payments (including PMI). Run it when deciding between an FHA loan (3.5% down) and conventional loan (5-20% down). Check your mortgage affordability once you have determined your down payment.
Aim for 20% to avoid PMI, which costs $100-300/month on a typical home. However, waiting years to save 20% means missing out on home price appreciation. Compare the cost of PMI against potential home value gains. Consider high-yield savings accounts (4-5% APY) for your down payment fund.
Draining your emergency fund for a down payment. Forgetting closing costs, which add 2-5% on top of the down payment. Not accounting for moving costs, immediate repairs, and furnishing expenses. A common rule: have 6 months of expenses saved beyond your down payment.
The ideal amount is 20% to avoid PMI, but the median first-time buyer puts down only 6-7%. FHA loans require 3.5%, VA loans require 0%, and conventional loans start at 3%. The right amount depends on your cash reserves, monthly budget, and local market conditions.
Private Mortgage Insurance (PMI) protects the lender when you put less than 20% down. It costs 0.5-1% of the loan amount annually. For conventional loans, PMI automatically drops when you reach 22% equity, or you can request removal at 20%. FHA loans require MIP for the entire loan term.
Yes, most loan programs allow gift funds from family members. Conventional loans require a gift letter stating the money is not a loan. FHA loans are more flexible with gift sources. The full gift amount can typically count toward your minimum down payment.
Calculations run locally in your browser (compatible with modern versions of Chrome, Safari, Edge, Firefox). The calculator does not connect to lender accounts; review the Privacy Policy because standard site services may still make network requests. Compare multiple down payment scenarios instantly to find the right balance between cash upfront and monthly affordability.
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