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Home Down Payment Calculator

Find out how long it takes to save for a house — enter your target home price, current savings, and monthly savings to see your timeline.

Updated June 2026 · Editorial standards

Your details

$
%
$
$
%
Down payment needed
$80,000
Months to goal
30 mo
Current savings gap
$50,000
Monthly savings needed (5 yr)
$632

You need $80,000 for a 20% down payment on a $400,000 home. At $1,500/month you'll reach your goal in 2.5 years.

Savings progress toward down payment

Down payment %

Minimum FHAIdeal (no PMI)
Ideal (no PMI)20.0% down

20% down = $80,000. 20%+ avoids PMI and saves ~$2,000/year.

By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the home down payment calculator?

In short

To save for a home down payment, divide your target amount by your monthly savings to get the basic timeline, then adjust upward for interest earned on savings. Most conventional loans require 20% down to avoid PMI, but FHA loans allow as little as 3.5%. The timeline depends on your target home price, existing savings, and how much you can set aside each month.

This calculator shows how long it will take to save a down payment for a home. Enter your target home price, desired down payment percentage, current savings, and monthly contribution to see your savings timeline, total amount needed, and projected month-by-month progress.

How to use this calculator

  1. 1Enter your target home price.
  2. 2Choose your desired down payment percentage (3.5%, 10%, 20%, or custom).
  3. 3Enter how much you have already saved toward the down payment.
  4. 4Enter your monthly savings contribution toward the down payment.
  5. 5Optionally add an annual savings yield to account for high-yield savings account interest.

The formula

FV=PV·(1+r)n+PMT·(1+r)n−1r
FV = PV×(1+r)^n + PMT×((1+r)^n − 1)/r, where r is the monthly interest rate and n is months. The calculator finds n such that FV equals your target down payment amount.
FV
— Future value (target down payment)
PV
— Current savings balance
PMT
— Monthly savings contribution
r
— Monthly interest rate (annual rate ÷ 12)
n
— Number of months to reach goal

Worked example

The scenario

Target home price: $400,000. You want a 20% down payment ($80,000). You have $20,000 saved and contribute $1,500/month to a 4.5% APY high-yield savings account.

gives

The result

You need an additional $60,000. With $1,500/month and 4.5% APY, you reach your goal in approximately 37 months (just over 3 years), earning about $2,800 in interest along the way.

Common use cases

  • Planning how many years until you can afford to buy a home
  • Deciding whether to put down 10% sooner or save for 20% to avoid PMI
  • Comparing the impact of increasing monthly savings by $200–$500
  • Setting a savings milestone when preparing to buy in a specific city
  • Evaluating whether a gift or windfall meaningfully accelerates your timeline

Limitations & assumptions

  • Home prices may rise while you save, moving the goalposts — consider adding an annual appreciation assumption.
  • Does not include closing costs (typically 2–5% of purchase price), which also require savings.
  • PMI costs (roughly 0.5–1.5% annually) are not modeled in the comparison.
  • Assumes a fixed monthly contribution; irregular savings or windfalls require manual adjustment.

Frequently asked questions

The standard recommendation is 20% to avoid private mortgage insurance (PMI), but many buyers put down less. FHA loans allow 3.5% with a 580+ credit score. Conventional loans allow 3–5% down but require PMI until you reach 20% equity. A larger down payment lowers your monthly payment and total interest but delays homeownership.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.