How Much to Save for a Down Payment

One of the first steps in buying a home is deciding how much to put down and how long you need to save. The Down Payment Savings Calculator takes your target home price, the down payment percentage you are aiming for (e.g. 20%), your current savings, and how many months until you want to buy. It tells you the target down payment amount, how much you still need, and the monthly savings required to get there on time.

Why Down Payment Size Matters

A larger down payment reduces your loan amount, which can lower your monthly payment and total interest. It may also help you qualify for a better rate or avoid private mortgage insurance (PMI) when you reach 20% equity. That said, saving for a down payment takes time. Setting a clear target and a realistic timeline helps you stay on track. Use the calculator to see the monthly discipline required.

Using the Calculator

Enter your target home price (what you expect to pay for a home in your market), the down payment percentage you are aiming for (often 10% or 20%), how much you have already saved, and the number of months until you plan to buy. The tool does not include interest or investment growth on your savings; it is a simple linear plan. For growth over time, consider the Savings Calculator or Compound Interest Calculator.

Practical Takeaway

Run a few scenarios: a shorter timeline means higher monthly savings; a longer timeline spreads the burden. If the required monthly amount is too high, adjust your target price, your down payment percent, or your timeline. The Mortgage Affordability Calculator can help you see how much home you can afford once you have your down payment ready.