Plan your home down payment savings. Calculate how much you need to save, how long it will take, and see how different down payment amounts affect your monthly mortgage payment and PMI.
The price of the home you want to buy
Minimum: 3-5% conventional, 3.5% FHA, 0% VA/USDA
How much you can save each month
High-yield savings accounts: 4-5% APY
Closing costs typically 2-5% of home price
With $1,000 monthly savings at 4.0% APY
You need to save $40,000 for your down payment. You're 50% there with $20,000 saved.
Save $1,200/month to reach your goal 3 months sooner.
Earn 4-5% APY on your down payment savings.
Compare Savings Accounts →| Scenario | Down Payment | Loan Amount | Monthly Payment | PMI? |
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To go from 5% down to 20% down, you need an extra $60,000.
Increasing down payment from 5% to 20% saves $X per month.
Based on your inputs, here's what we recommend...
Know exactly how much you need to save
See when you'll reach your down payment goal
Test different down payment amounts
See how PMI affects your payment
$300,000 home, 5% down ($15,000) with FHA loan
Monthly payment: $1,895 (includes PMI)
$400,000 home, 20% down ($80,000) at 6.5%
Monthly payment: $2,022 (no PMI, saves $167/month)
$350,000 home, 0% down for qualified veterans
Monthly payment: $2,212, no PMI, no down payment
The minimum down payment varies by loan type:
Your ideal down payment depends on your savings, monthly budget, and how quickly you want to buy.
No, 20% is not necessary. Most first-time buyers put down less. However, putting down 20% eliminates PMI, which can save hundreds per month. Use our comparison tool to see the difference. For example, on a $400,000 home:
5% down: $2,189/month (includes PMI)
20% down: $2,022/month (no PMI, saves $167/month)
PMI (Private Mortgage Insurance) protects the lender if you default. It's required for conventional loans with less than 20% down. PMI typically costs 0.5-1% of the loan amount annually. On a $300,000 loan, that's $1,500-$3,000 per year ($125-$250/month). PMI automatically cancels when you reach 22% equity.
Yes! Gift money from family is allowed for most loan types. FHA loans allow 100% gift funds for down payment. Conventional loans allow gifts for part or all of the down payment. You'll need a gift letter stating the money doesn't need to be repaid.
Closing costs typically add 2-5% to the amount you need at closing. On a $300,000 home, that's $6,000-$15,000 extra. Some buyers negotiate for sellers to pay closing costs. Our calculator lets you include closing costs in your savings goal.
Earn 4-5% APY instead of 0.1% at traditional banks
Set up automatic transfers on payday - you can't spend what you don't see
Many states offer grants and low-interest loans for first-time buyers
Tax refunds, bonuses, and gifts go directly to your down payment fund
Reduce dining out, subscriptions, and travel while saving