Emergency fund calculator
An emergency fund covers essential expenses if your income stops or a big bill arrives. Enter your essential monthly costs, how many months you want covered, and what you can save to see your target and timeline.
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 calculator multiplies your essential monthly expenses by the number of months you want covered to set a target. It subtracts what you have already saved to show what is still needed. Then it divides that amount by your monthly contribution and rounds up to find the number of months to reach the goal and the goal date. It also shows how many months of essentials your current savings would cover today.
Assumptions: your contribution is the same every month and no interest is earned, so a savings account that pays interest would get you there a little sooner. Essential expenses stay the same. The tool does not adjust for inflation or for money you take out along the way. Essentials should include only what you must pay: housing, utilities, food, insurance and minimum debt payments.
How this affects buying a home: many loan programs look at reserves, meaning money you still have after paying the down payment and closing costs. Requirements vary by program and property. Reserves are also practical, because homeowners pay for repairs that a landlord used to cover. If you are saving for both, keeping your emergency fund separate from your down payment money can stop one from draining the other.
Example: enter $4,000 of essential monthly expenses, 6 months of coverage, $5,000 already saved and $500 a month.
Related: Budget builder · Down payment goal planner · 50/30/20 budget splitter
Common questions
How many months should I save?
Three to six months of essential expenses is a common guideline. Self-employed people, single-income households and homeowners often aim higher.
Do lenders care about savings after closing?
Yes. Many programs look at reserves, meaning money left over after your down payment and closing costs. Requirements vary by program.
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