What This Calculator Does
Uses your target home price, desired down payment percentage, current savings, and monthly savings capacity to calculate how many months stand between you and your goal.
Who Is This For
Renters building toward a first purchase, buyers comparing different down payment percentages, and anyone who wants a concrete savings milestone rather than an open-ended goal.
How It Works
Enter your target home price, desired down payment percentage, current savings balance, and monthly savings amount to see your projected timeline.
Frequently Asked Questions
How much down payment do I actually need?
Conventional loans start as low as 3% down for qualifying buyers and run to 20% or more, and some government-backed programs allow less still; the required amount depends on the loan program and lender.
Should I wait until I have 20% saved?
Not necessarily — putting down 20% can remove a mortgage insurance requirement, but waiting also delays a purchase. Compare the cost of mortgage insurance against the benefit of buying sooner for your situation.
Where should down payment savings be kept?
Funds needed within a short timeframe are commonly kept in accessible, lower-volatility accounts rather than in investments whose value could drop right before you need the cash.
Are there down payment assistance options?
Some down payment assistance programs exist for qualifying buyers, and gift funds or retirement account withdrawals are sometimes used as well, each with its own rules — confirm eligibility with a lender before relying on any of them.