Project your down payment target, how long it'll take to save at your current rate, when PMI kicks in, and how five common down payment tiers compare.
Enter Your Down Payment Details
Fill in your home price, target percentage, current savings, and monthly contribution to see your savings timeline.
The down payment calculator answers two practical questions at once: how much do you actually need for the down payment you're targeting, and how long will it take to get there at your current savings rate? Rather than a single static number, it runs a month-by-month simulation — growing your current savings and every future monthly contribution at your expected rate of return — until the balance reaches your target, then reports the exact timeline and projected completion date.
Along the way it flags whether your chosen down payment percentage would trigger private mortgage insurance (PMI), since anything below the traditional 20% threshold typically adds a recurring monthly cost on a conventional loan. To make that trade-off concrete rather than abstract, the calculator also runs the identical simulation across five common down payment tiers — 3%, 5%, 10%, 15%, and 20% — so you can see target amount, timeline, and PMI status side by side for the same home price and savings plan.
This tool is built for anyone actively saving toward a home purchase: first-time buyers deciding between a smaller down payment now or a larger one later, repeat buyers planning a move-up purchase, and anyone who wants a realistic timeline instead of a vague savings goal. It's equally useful for testing "what if I saved $200 more a month" scenarios or comparing how much sooner a lower down payment percentage would get you into a home.
A down payment goal without a timeline is hard to plan around — you can't budget effectively toward a number with no date attached. Seeing a concrete projected completion date, alongside how much of your final balance comes from your own contributions versus investment growth, makes it much easier to decide whether to adjust your monthly contribution, your target percentage, or your expected timeline to buy.
A month-by-month simulation, not a simplified straight-line estimate
Compounding applies to a changing balance every month, so simulating it directly is more robust than a closed-form annuity formula, and it makes capping the search at 50 years straightforward if the goal is unreachable.
Any down payment below 20% of the home price is flagged as typically requiring PMI on a conventional loan — an added monthly cost until you reach 20% equity.
The month count from the simulation is added to today's date to give a concrete calendar estimate of when you'd reach your goal at the current pace.
From home price to a full savings timeline in under a minute
Input the purchase price of the home you're targeting, or a realistic estimate for your local market.
Enter the percentage you want to put down. 20% avoids PMI, but many loan programs allow far less.
Input the amount you've already saved specifically toward this down payment.
Enter how much you plan to add each month and the annual return you expect on wherever that money sits.
See your down payment target, time to reach it, projected completion date, contributed-vs-growth breakdown, and a comparison across five down payment tiers.
Using the calculator's own default scenario
Suppose you're targeting a $350,000 home with a 20% down payment, already have $10,000 saved, can contribute $800 per month, and expect a 4% annual return on the savings.
Explanation: Notice that growth earned ($8,370.66) is a meaningful but secondary contributor next to the $62,000 in direct contributions — this is typical for a savings-focused goal over roughly 5-6 years at a modest 4% return, since compounding needs a longer runway to dominate. Because 20% was chosen as the target, PMI is not required once the goal is reached. Checking the comparison table below, the same household could hit a 10% down payment ($35,000) in about 2 years 5 months instead — nearly 3 years sooner — but with PMI added to the eventual mortgage payment until enough equity is built.
What your chosen down payment percentage actually means for PMI and cost
The down payment percentage you target has a direct, threshold-based effect on whether PMI applies — it isn't a sliding scale in the same way interest rates are. The table below is a general read on what different tiers typically mean, not a quote from any specific lender.
| Target Down Payment | PMI Status | General Read |
|---|---|---|
| 20% or more | Not required | Strongest negotiating position, lowest monthly cost, typically the most competitive rates |
| 10% – 19% | Typically required | A reasonable middle ground; PMI usually drops off once you reach 20% equity |
| Under 10% | Typically required | Fastest path to buying, but with the highest added monthly cost and largest loan balance |
If your timeline to 20% looks too long: that's not necessarily a reason to wait — a lower down payment with PMI can still make sense if it gets you into a stable, appreciating market sooner, especially where rents are rising quickly. Use the comparison table to see exactly how much sooner and at what PMI trade-off.
If your timeline to 20% looks reasonable: avoiding PMI entirely and starting with more equity is usually the lower-cost path over the life of the loan, as long as the wait doesn't cost you more in rising home prices than it saves in PMI.
Risk considerations: this calculator assumes a constant return and constant monthly contribution — it doesn't account for a market downturn affecting your invested savings, an interruption to your contribution schedule, or home prices moving before you're ready to buy. Use the result as a planning estimate, not a guaranteed outcome.
This tool provides general estimates for educational and planning purposes only and does not constitute personalized financial, mortgage, or tax advice. PMI rules, loan programs, and closing costs vary by lender and location — confirm current figures with a mortgage lender before making a home-buying decision.
Where this down payment calculator earns its keep
Project a realistic savings timeline toward your first home's down payment.
Compare a full 20% down payment against a faster, lower-percentage path with PMI included.
See exactly how much increasing your monthly contribution shortens your completion date.
Test how a higher expected return on your savings changes the timeline.
Project a second down payment goal using proceeds and new savings combined.
Combine two savers' contributions and current balances into one shared goal.
Work backward from a desired purchase date to find the monthly contribution required.
See how a higher or lower target home price shifts your down payment goal and timeline.
Bring a concrete savings projection into a conversation with a mortgage lender.
Re-check your timeline periodically as your income, savings rate, or target home price changes.
What this down payment calculator does well, and where it can't replace professional advice
The same simulation run across five common down payment tiers for your entered home price and savings plan
| Down Payment % | Target Amount | Time to Reach Goal | PMI Status |
|---|---|---|---|
| 3% | $10,500.00 | 1 month | Required |
| 5% | $17,500.00 | 9 months | Required |
| 10% | $35,000.00 | 2 years 5 months | Required |
| 15% | $52,500.00 | 4 years 0 months | Required |
| 20% | $70,000.00 | 5 years 5 months | Not Required |
Table reflects the calculator's default example inputs until you click Calculate with your own numbers.
Common questions about saving for a home down payment
Official guidance to complement this calculator — not a substitute for licensed mortgage or financial advice
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