Down Payment Calculator
Calculate how much to save for a down payment and timeline
Down Payment Goal
Price of the home you want to buy
20% avoids PMI, 3-5% minimum for conventional
Amount already saved for down payment
How much you can save each month
Expected return on savings (HYSA: 4-5%)
Expected annual home price increase
When you want to buy
Savings Plan
Enter your details and click Calculate
Plan your down payment savings
Down Payment Guide
How Much Down Payment Do You Need?
- 3%: Minimum for conventional loans (Fannie Mae, Freddie Mac)
- 3.5%: Minimum for FHA loans
- 0%: VA loans (veterans) and USDA loans (rural areas)
- 20%: Avoids PMI, better rates, stronger offers
Why 20% is Often Recommended
- No Private Mortgage Insurance (PMI)
- Lower monthly payments
- Better interest rates
- More equity protection against price drops
- Stronger offer in competitive markets
Where to Save for Down Payment
- High-Yield Savings: 4-5% APY, FDIC insured, liquid
- Money Market: Similar to HYSA with check-writing
- CDs: Higher rates for locked terms
- I-Bonds: Inflation-protected, good for 1+ year timeline
Additional Costs to Budget
- Closing Costs: 2-5% of purchase price
- Moving Expenses: Varies widely
- Emergency Fund: 3-6 months expenses
- Immediate Repairs: Budget 1-3% of home value
Down Payment Assistance Programs
Many states and localities offer down payment assistance for first-time buyers, including grants, forgivable loans, and matched savings programs. Check with your state housing finance agency.
Disclaimer: This calculator is for informational purposes only and should not be considered financial, tax, or legal advice. Results are estimates based on the information provided and current tax laws. Consult a qualified professional for advice specific to your situation.
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