Down Payment Calculator
See how much you need for a down payment — or how long it'll take to save.
How to Use This Calculator
How Much tab
Enter the home price, select your down payment percentage from the dropdown, and input your expected mortgage interest rate. The calculator instantly shows your down payment amount, whether PMI applies, and your estimated monthly mortgage payment.
Savings Plan tab
Enter the home price, down payment percentage, your current savings, how much you can save per month, and the interest rate on your savings account. The calculator shows how long it will take to reach your down payment goal.
Share your result
Every input is encoded in the URL. Click Share, send the link — they'll see your exact numbers. No re-entering, no screenshots.
The Formula
The down payment is a straightforward percentage of the home's purchase price. If you put less than 20% down, most lenders require private mortgage insurance (PMI), which adds to your monthly cost.
PMI (if < 20% down) ≈ 0.5% of Loan Amount / year
Savings Goal Timeline: FV = PV × (1 + r)n + PMT × [((1 + r)n − 1) / r]
Where PV is your current savings, PMT is your monthly contribution, r is the monthly interest rate, and n is the number of months.
Example
Sophia — buying a $350K home
Sophia is looking at a $350,000 home and wants to put 20% down to avoid PMI.
How Much tab
By putting 20% down, Sophia avoids PMI entirely and borrows $280,000. At current rates, that's roughly $1,770 per month (principal + interest).
Sophia — savings plan to reach $70K
Sophia has $20,000 saved so far and needs $50,000 more. She can save $1,500 per month in a high-yield savings account earning 4% APY.
Savings Plan tab
With compound interest on her savings, Sophia can reach her $70,000 down payment in about 2 years and 6 months — slightly faster than saving without interest.