Down Payment Calculator
Saving for a home? See your down-payment goal, the cash you’ll need with closing costs, and how long it takes to get there.
High-yield savings accounts for your down payment
Learn moreHow much down is enough
You don’t always need 20% — many loans allow far less — but 20% avoids PMI and shrinks your payment. Don’t forget closing costs (another 2–5%), which are due in cash at the same time. Parking the money in a high-yield account speeds you to the goal.
How it’s calculated & sources
Goal = price × down-payment%. We add ~3% for closing costs, then grow your current savings plus monthly contributions at the account’s APY until you reach the total.
Benchmark: 20% down avoids PMI; the median down payment is about 15% overall and 6–8% for first-time buyers (NAR).
Results update as you type and are general estimates, not personalized financial, tax, medical or legal advice. Verify with a professional.
Worked example
For a $400,000 home at 20% down ($80,000) plus ~$12,000 closing costs, saving $1,500/month from $20,000 at 4% gets you there in roughly 4 years.
Frequently asked questions
Should I wait for 20%?
Not always — in a rising market, buying sooner with PMI can beat waiting. Weigh PMI cost against expected appreciation and rent paid while saving.
Where should I keep the money?
If you’ll buy within a few years, favor safety — a high-yield savings account, CDs or T-bills — over stocks, which can fall right when you need the cash.