Down payment goal planner
Set a target home price and down payment percent, add closing costs, and enter what you have saved and what you can add each month. The planner shows your goal and the month you are likely to reach it.
Educational estimate based on the numbers you enter and common rules of thumb. Not a loan offer, rate quote, approval or financial advice. A licensed loan officer can run your real numbers.
How this calculator works
This planner sets a savings goal from the target home price, the down payment share you choose and a rough closing cost estimate, both entered as a share of the price. It subtracts what you have already saved to show what is still needed. Then it steps forward one month at a time. Each month your balance earns one twelfth of the yearly savings yield you enter, and your monthly savings are added. The month the balance reaches the goal is your goal date.
Assumptions: the yield stays the same and compounds monthly, and your monthly savings stay the same. The home price does not change while you save, though real prices can rise or fall. Taxes on interest are not included. If the goal is more than 50 years away, the planner asks you to save more each month instead of showing a date. Closing costs here are a rough estimate, and your Loan Estimate will show the real figure.
When you apply, a lender will want to see where your down payment and closing money come from. That usually means recent bank or investment statements. Large deposits that are not from your paycheck may need a paper trail. Gifts from family are often allowed with a signed gift letter, and some buyers use down payment assistance. Rules depend on the loan program. Lenders may also look for reserves, which is money left after closing.
Example: enter a $400,000 target price, the down payment share you are aiming for, $10,000 already saved and $1,000 saved each month. Then raise the monthly amount to see how much sooner you reach the goal.
Related: Emergency fund calculator · Budget builder · FHA, VA and USDA loans · Conventional loans
Common questions
How much do I need for a down payment?
It depends on the loan program, your credit and the property. Conventional and FHA programs offer low down payment options for qualifying buyers, and VA and USDA loans are built for eligible veterans and rural buyers. A licensed loan officer can tell you what applies to you.
Do I need money for closing costs too?
Usually, yes. Closing costs often run a few percent of the price, though sellers, lenders or assistance programs sometimes cover part of them. Your Loan Estimate shows the exact amount.
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