Finance

Down Payment Calculator — Free 2026

Calculate your home down payment target, see your savings gap, and find out how many months until you can buy — free, instant, no sign-up.

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Your Down Payment Plan

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Down Payment Amount
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Savings Gap
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Months to Save
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PMI Needed?

How It Works

  1. Enter the home price and down payment
  2. Enter your savings details
  3. Read your results
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Planning Your Home Down Payment

Saving for a down payment is often the biggest hurdle for first-time home buyers. The amount you need depends on the home price, your target percentage, and which loan programme you qualify for. While the traditional 20 percent down payment eliminates the need for private mortgage insurance, many buyers successfully purchase homes with as little as 3 to 5 percent down on conventional loans or 3.5 percent with an FHA loan. Understanding your target and creating a concrete savings plan is the first step toward homeownership.

How the Calculator Works

This tool calculates your required down payment amount, subtracts your current savings to show the gap, then estimates how many months of saving are needed to close that gap. It factors in interest earned on your savings at the rate you specify, which can meaningfully shorten your timeline. For example, saving $1,000 per month in a high-yield savings account at 4 percent APY will accumulate slightly faster than a standard account paying near zero. The PMI indicator tells you whether your chosen down payment percentage is below the 20 percent threshold. For a complete picture of your mortgage costs, try our mortgage calculator or explore savings goal strategies.

Tips to Save Faster

Automate your savings by setting up a recurring transfer on each payday. Open a separate high-yield savings account dedicated solely to your down payment — keeping it separate from everyday spending reduces the temptation to dip in. Direct any windfalls such as tax refunds, work bonuses, or monetary gifts into this account. Consider reducing large discretionary expenses temporarily: downsizing your car, cutting subscription services, or cooking at home more often. Some states and cities offer down payment assistance programmes for first-time buyers — check your local housing authority for options that could supplement your savings.

For informational purposes only. Consult a qualified professional before making financial or medical decisions.

Frequently Asked Questions

How much should I put down on a house?
The traditional recommendation is 20% of the home price, which allows you to avoid private mortgage insurance (PMI). However, many loan programs accept much less — FHA loans require as little as 3.5%, and some conventional loans accept 3-5%. A larger down payment reduces your monthly payment and total interest paid over the life of the loan.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is required by most conventional lenders when the down payment is less than 20% of the home price. PMI typically costs 0.5% to 1% of the loan amount per year, added to your monthly payment. Once your equity reaches 20%, you can request PMI removal. FHA loans have their own mortgage insurance (MIP) that works differently.
How long does it take to save for a down payment?
The time depends on your savings rate, target amount, and any interest earned on savings. For example, saving $1,000 per month toward a $70,000 down payment (20% on a $350,000 home) would take about 70 months or just under 6 years, not accounting for interest. A high-yield savings account earning 4-5% APY can shorten this timeline by several months.
Should I buy a home with less than 20% down?
Buying with less than 20% down is common and can make sense if home prices are rising faster than you can save, if your rent is very high, or if you have strong income and credit. The trade-off is paying PMI (typically $50-200/month) until you reach 20% equity. Run the numbers to see if the PMI cost is worth getting into a home sooner versus waiting to save the full 20%.

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